Rippling Rips Open $450 Million in Financing

<p>Rippling &&num;8212&semi; operator of a human resources platform &&num;8212&semi; has raised &dollar;450 million in new financing and signed agreements to repurchase up to &dollar;200 million of equity from current and former employees&period; The financing includes investment from Elad Gil&comma; Sands Capital&comma; GIC&comma; Goldman Sachs Alternatives&comma; Baillie Gifford&comma; and Y Combinator&comma; along with participation from existing investors&period;<&sol;p>&NewLine;<p>The financing values the company at &dollar;16&period;8 billion&period;<&sol;p>&NewLine;<p><span style&equals;"font-size&colon; 1rem&semi;">Rippling currently offers over two dozen products across HR&comma; IT&comma; and Spend — everything from payroll and benefits&comma; SSO and identity management&comma; to bill pay and corporate cards&period; The new financing will help the company accelerate expansion into new markets&comma; enhance existing products&comma; and support the development of new products&period;<&sol;span><&sol;p>&NewLine;<p>Rippling’s core thesis is that employee data is critical to a surprisingly large number of business systems&comma; well beyond HR&comma; IT and Finance&period; Yet most companies struggle to maintain the fidelity of this data&comma; as it&&num;8217&semi;s fragmented across multiple siloed databases&period; Rippling solves this problem by helping companies manage and automate every part of the employee lifecycle in a single platform&comma; giving employees a centralized place to manage and make changes across their business systems&period;<&sol;p>&NewLine;