The acquisition comes five months after Workleap raised $125 million from CDPQ.
Montréal-based Workleap, formerly GSoft, which provides software solutions aimed to improve the employee experience, has acquired Austin, Texas-based HR tech firm Pingboard as it looks to expand and unify its offerings.
While the terms of the acquisition were not disclosed, The Globe and Mail reported that Workleap paid between $30 million and $60 million for Pingboard. The acquisition adds new capabilities to Workleap’s family of software products, the company said in a statement, pointing specifically to Pingboard’s organization chart and employee directory capabilities.
Workleap counts onboarding, skill development, and office performance measuring software among its offerings.
“Earlier this year, we shared our vision for accelerating our growth through the strategic acquisition of products that complement ours,” Workleap president and general manager Martin Gourdeau said in a statement. “That’s what we found in Pingboard – like us, they build simple, value-creating software that focuses on improving the employee experience.”
Alongside platform additions, Workleap said new talent from Pingboard will be joining the company, which will add to its employee footprint in the United States.
Workleap, founded in 2006 as GSoft, began as a software development services company before launching its own employee experience products. As the company’s original software offerings began to make up 90 percent of its revenue, it decided to close the services side of the business in 2017. Workleap rebranded from GSoft in June and counts onboarding, skill development, and office performance measuring software among its offerings.
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Since breaking past $100 million in annual recurring revenue in 2021, Workleap began to pursue acquisitions this past February, starting with its purchase of Québec City learning management company Didacte, which was an all-cash deal. A Workleap spokesperson indicated to BetaKit at the time that the company was looking to “complete at least one additional transaction by the end of the year.”
The Pingboard acquisition marks Workleap’s first acquisition since Workleap secured $125 million CAD in June. The funding from Caisse de dépôt et placement du Québec (CDPQ) was earmarked to pursue more acquisitions, and made CDPQ the first external investor in Workleap, which had been bootstrapped since it was founded 17 years ago.
“With the support of CDPQ, we have the financial means to seize more of the opportunities we see in the market,” Workleap co-founder and CEO Simon De Baene said at the time.
Feature image courtesy Workleap via its website.