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Atlas’ $200m Strategic Equity Investment Enables Continued Global Expansion

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On September 15, Atlas secured a strategic equity investment of up to $200m in partnership with Sixth Street Growth.

Atlas specializes in direct employer of record (EOR) solutions and enabling technology, contractor pay, consulting services, HR service delivery, and global mobility & visa offerings. The company is focused on supporting clients’ international expansion strategies in compliance with employment rules and regulations through its entities in ~165 countries. It rebranded from Elements Global Services to Atlas in June 2022, and its rebranding efforts reflect the flexibility, agility, and enabling technology required to meet client and worker UX expectations, talent needs, and data requirements intensified by recent global events.

As a result of this investment, Atlas will be able to enhance its technology platform to support localization and provide additional self-service functionality and automation features. The launch of the Atlas Human Experience Management (HXM) platform was coordinated with the organization’s rebranding efforts in June.

The funding also supports broader in-region customer support, including hiring additional native language staff to deliver in-country and in-time zone support to its clients and worksite employees. Atlas continues to hire in-country staff throughout all levels of its organization, including senior leadership. The expanded regional presence balances direct client and worksite employee support and technology.

The company maintains an aggressive inorganic growth strategy to broaden near-term service portfolio offerings, technology advances, and the addition of new in-country legal entities.

NelsonHall views this investment as a strategic enabler to support Atlas’ organic and inorganic growth strategies. It anticipates the expansion of Atlas’ portfolio through partnerships or the acquisition of companies delivering complementary services and technologies. These relationships will enable cross-selling opportunities and the development of targeted business development strategies. The company continues to expand its services and technology offerings to support all phases of the HR lifecycle, attracting prospective clients seeking a single vendor to manage comprehensive outsourcing or targeted out-tasking of its HR services.

Several other EOR vendors have secured equity funding to extend their capabilities, including:

  • Omnipresent raised ~$138m over three funding rounds to support legal entity creation in ~80 markets and the development of its OmniPlatform technology stack
  • Remote raised ~$496m over four funding rounds to support legal entity creation in ~65 markets and enrich its Remote technology stack, including the release of its contractor management, relocation, and API integration services and modules
  • Velocity Global raised ~$500m to support multiple company acquisitions, including iWorkGlobal and Shield GEO, broaden its services portfolio, and expand its Global Work Platform functionality to support contractor payments.

The formalization of ‘work from anywhere’ policies and the continued impact of ‘the great resignation’ have contributed to a high level of global EOR market activity and client interest. To support global and service portfolio expansion, M&A transactions, and enabling technology enhancements, NelsonHall expects more strategic investment funding across the global EOR market in the year ahead.

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