Factorial, a Spanish software company for the human resources area, announced on Monday (6) funding of US$ 80 million (R$ 413 million at the current price) by the private equity fund manager Tiger Global. The money will be used for its international expansion, which includes Brazil. The company has just opened its first office in São Paulo.
What does Factorial do? Its software is a virtually end-to-end solution for HR processes, from recruiting and selection to hiring new employees, as well as time and absence recording, salary variations, document management, and employee performance assessment.
The company was created in Barcelona in 2016 but already operates in more than 65 countries such as France, Portugal, Italy, Germany, United Kingdom, United States, and Mexico. “We see the country [Brasil] as one of the main markets for 2022”, says CEO Jordi Romero to the Forbes website.
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Romero reinforces this idea when he says that Factorial expects to triple in size by 2022, with Brazil being strategic in this plan. “It’s a huge economy. We believe that Brazil is transforming even faster than more mature markets, which indicates the country is a sure bet. We expect a great rise in the Brazilian market in the coming years, and we want to be part of this movement”, he said.
Another major goal of the company is to become the leader in the HR technology sector. Currently, KFC, Booking.com, and Whisbi are some of its clients, but in Brazil, it will have to face other names already consolidated in recruitment software, such as Guppy and Kenobi. In Brazil, Factorial’s initial plan costs R$10 per month per employee in the basic plan, and R$15 to manage advanced and customized processes. However, larger companies can negotiate the values.