Atlas Raises Series B Strategic Investment of up to $200 Million from Sixth Street Growth
Global HCM Technology company to invest in scaling its global workforce management platform to support innovative companies looking for flexible solutions to navigate the new world of work
CHICAGO, Sept. 16, 2022 /PRNewswire/ -- Atlas, an industry leader in Employer of Record (EOR) Solutions and Technology, announced today that it has partnered with Sixth Street Growth, the growth investing business of global investment firm Sixth Street. Sixth Street Growth will be making a strategic equity investment of up to $200 million to support Atlas' continued global expansion.
Atlas pioneered the Direct Employer of Record model, which is supported by entities in over 160 countries, and built its technology with the core focus of helping its clients comply with employment rules and regulations on a global basis. Leading technology plus local direct experience enables Atlas to support companies with global ambitions, giving organizations the flexibility to hire and manage the best talent worldwide through localized expertise complemented by an enterprise-grade technology platform.
"The future of work thrives across borders and cultures," said Rick Hammell, Founder and CEO of Atlas. "Atlas is enabling companies to seize the opportunity to be competitive, flexible, and borderless. This new investment from Sixth Street will allow us to continue to respond to our customers' needs, offering the most streamlined and innovative ways of expanding into new markets, onboarding talent, managing the risk of noncompliance, and paying internationally."
Today's investment will further enhance the Atlas technology platform, offering more user flexibility through additional self-service and automation features, which will enable companies to scale faster, regardless of the number of people they are hiring. The funds will also support software localization and real-time, in-region customer service support. These software platform enhancements come after Atlas was named a Leader in the Enabling Technology and overall Global EOR Services categories in the recent NelsonHall Vendor Evaluation and Assessment Tool (NEAT) report.
In connection with the investment, Nari Ansari, Managing Director at Sixth Street Growth, will join Atlas' board of directors.
Ansari commented, "Atlas is one of the most innovative companies helping employers across industries manage an increasingly complex global workforce dynamic. We are excited to partner with Rick and the Atlas team in their next phase of growth."
Atlas, which has grown exponentially over the past two years, received is initial investment from Guidepost Growth Equity, a leading growth equity firm focused on high-growth technology companies. With that first institutional capital raise, the company accelerated growth by adding additional talent to its global workforce and expanding its suite of HR product offerings, culminating in the launch of the Atlas platform.
"We are thrilled to continue our partnership with the Atlas team and work with Sixth Street to support the company's growth plans", said Chris Cavanagh, a General Partner at Guidepost Growth Equity.
Baird acted as exclusive placement agent and Cooley acted as legal advisor to Atlas.
Atlas enables innovative companies to compete in a global economy, believing that businesses should employ whomever they want, wherever the talent exists. As the largest direct employer of record (EOR) with entities in over 160 countries, Atlas is a technology platform that is supported by experts and delivers flexibility for companies to expand across borders, onboard talent, manage compliance, and pay their global workforce without the need for a local entity.
Atlas was built on years of experience navigating the challenges of quickly deploying and paying international employees while ensuring compliance with local regulations. This experience brings localized experience and expertise into an enterprise-grade technology platform that supports thousands of companies and remote teams. The Atlas platform is uniquely designed to deliver end-to-end EOR solutions and empowered user experiences that provide self-service capabilities and real-time insights that lead to improved business outcomes. Learn more at atlasHXM.com or follow Atlas on Linkedin @ Twitter (@Atlas_HXM).
About Sixth Street
Sixth Street is a leading global investment firm with over $60 billion in assets under management and committed capital. Sixth Street Growth is the firm's dedicated platform for making private investments in growth companies. The Sixth Street Growth team partners with companies and management teams to provide bespoke capital solutions to accelerate organic and inorganic growth. Sixth Street has invested over $5 billion in more than 40 companies in its growth investing strategy since inception. Select Sixth Street Growth investments include Airbnb, AvidXchange, Bloomreach, Datavant, DrFirst, Gainsight, MDLIVE, Spotify, and Sprinklr. For more information, visit www.sixthstreetgrowth.com or and follow Sixth Street on LinkedIn, Twitter (@sixthstreetnews), and Instagram (@sixthstreetpartners).
About Guidepost Growth Equity
Guidepost Growth Equity is a leading growth equity firm that partners with technology companies offering innovative solutions in large, dynamic markets including application software and data services and infrastructure software and tech-enabled services. Current and prior investments include Atlas, Dyn (acquired by Oracle), Jive Communications (acquired by LogMeIn), Lucid (acquired by Cint Group AB), Mineral, OutSystems, ProtoLabs (IPO on NYSE), and WP Engine. Guidepost Growth Equity provides the flexible capital, operational support, and strategic guidance necessary to support the continued success of growth-stage businesses and has over $1.6 billion of capital under management. For more information, please visit our website at guidepostgrowth.com or follow Guidepost on LinkedIn.
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