Lattice Accelerates International Expansion with $110 Million Investment in the UK
Lattice opens its first European office in London to meet the increasing global demand for people management software in the new world of work.
LONDON, Sept. 7, 2021 /PRNewswire/ -- Lattice, the leading people management platform for businesses with people-first cultures, announces today its first strategic expansion into the European market, which includes an investment of $110 million in the UK over the next 10 years. In addition, the company plans to hire 50-70 local team members across all go-to-market and support functions, including several executive roles, within the next year.
"People strategy is essential to building great businesses, no matter where they're located," said Jack Altman, CEO of Lattice. "We're excited to be on the ground in London to better collaborate with our European customers and partners as well as tap into the talent pool of this global tech capital to help us continue to innovate and evolve."
This announcement follows the company's Series E fundraising round in March, which secured a $60 million investment and brought Lattice's valuation to more than $1 billion – achieving unicorn status.
Before having a formal presence in Europe, Lattice served a growing portfolio of close to 400 international customers, which comprised over 12% of the company's total revenue. The new team will offer stronger regional support to existing customers and partners across Europe, an important and growing part of Lattice's business.
"With the UK representing one of our most important markets, we'r excited to partner with an established performance and engagement management tool like Lattice," said Samantha Richards, Country Manager UK/I at Personio, European HR software provider and Lattice partner. "The integration will enhance our all-in-one HR solution and further help European SMEs to improve employee performance, engagement, and development, ultimately driving their business forward."
The increased momentum and focus on employee experience reflect the escalating demand for businesses to re-examine their people management and engagement processes. Deloitte's European Human Capital Trends Report found that 54% of leaders are reimagining work processes moving forward, a figure up from only 28% prior to COVID-19. More companies are re-evaluating outdated people practices in an effort to better understand their employees' performance and engagement, as well as foster their development and growth.
This is catalyzing a significant shift across HR. A survey of Chief Human Resource Officers at some of Europe's largest organizations, by McKinsey & Company, found over 98% were thinking about how HR can shift from mechanistic skill and talent management to addressing the employee experience in a more targeted, dynamic way.
"The balance of power in talent markets has shifted dramatically over the past few years and employees now have more choice than ever on where to work and who to work for," said Brennan O'Donnell, Partner at Frontline Ventures, a Series E round investor. "Lattice is leading the way on what it means to build an employee-centric company for the cross-border and post-pandemic world of work."
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Khan, T., Komm, A., Maor, D., & Pollner, F. (2021). 'Back to human'. McKinsey & Company.