PerformYard continues to scale its simple and powerful employee performance software
ARLINGTON, Va., Jan. 9, 2024 /PRNewswire-PRWeb/ -- PerformYard, the emerging leader in employee performance management, announced today the completion of a $95 million equity investment from Updata Partners, a leading growth equity firm based in Washington D.C.
Founded in 2013, PerformYard revolutionizes performance management with cutting-edge functionality and streamlined automation, serving the diverse needs of its customers. Through a steadfast commitment to driving critical business results, PerformYard has scaled its business significantly with 5x revenue growth in the last 4 years.
"We are thrilled to partner with Updata as we embark on our next phase of growth in solving performance management challenges," Founder and CEO Ben Hastings said. "Given the incredible success and growth our team has realized in recent years, I view this partnership as a natural evolution of our business to support continued development and expansion."
PerformYard, the #1 ranked Performance Management System for customer satisfaction by G2 in 2023, will continue to grow by investing in its people. The investment from Updata will be used to accelerate hiring across all departments.
"Ben and his team have performed exceptionally well over a number of years," said Carter Griffin, General Partner at Updata. "With PerformYard we see an opportunity to win in a large and important category. We are excited to help further scale the company."
As part of the investment Carter Griffin will join PerformYard's Board of Directors.
"Updata's track record of success investing in software organizations with similar scale, efficiency and funding made them the ideal partner for PerformYard moving forward," Hastings explained. "Our leadership team has been impressed through our collaboration with Updata and is excited to leverage their collective knowledge and industry experience as we grow."
According to the Society of Human Resource Management, 93% of organizations run employee performance reviews, but 90% of HR leaders are unhappy with their process.
"The initial vision for PerformYard was grounded in the need for organizations to drive enhanced performance from their employees," Hastings said. "We identified a critical need for employers to better manage, coach, retain and progress talent throughout their organizations. Over the last 10 years we have seen the emphasis on employee performance and engagement deepen significantly. Our plan is to continue building our organization to support these critical initiatives."
PerformYard is powerful and simple performance management software. The unified platform streamlines and formalizes any performance process, from annual reviews to quarterly goals, continuous feedback, employee engagement and everything in between. For more information, visit https://performyard.com
About Updata Partners
Updata Partners is a leading technology-focused growth equity firm in Washington D.C. with over $1.5 billion in committed capital. Led by an investment team averaging more than 25 years of technology experience, Updata invests in high-growth B2B software and software-driven businesses where their combination of capital and operating experience will accelerate success. For more information, visit https://updata.com
SOURCE PerformYard, Inc.