Vendor Analysis
published on Aug 07, 2024
Report Overview:
This NelsonHall vendor assessment analyzes G-P's offerings and capabilities as a provider of global employer of record services
Who is this Report for:
NelsonHall’s Global EOR profile on G-P is a comprehensive assessment of G-P’s offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of G-P and identifying vendor suitability for Global EOR RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Global EOR sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of G-P’s Global EOR offerings, capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, challenges, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base, including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization, including the location of delivery centers.
Key Findings & Highlights:
G-P, formerly Globalization Partners, is a global growth technology and employer of record service provider headquartered in Boston, Massachusetts. The company offers a suite of global employment solutions on its global growth platform, including recruiting, onboarding, tax, compliance, payroll, legal, and in-country advisory services. They provide a full-stack global growth platform for ~2,000 customers supporting ~187 countries, ~100 entities, and ~150 currencies.
The company was founded in 2012 by CEO and Executive Chair Nicole Sahin after identifying opportunities to support organizations seeking help in navigating the complexities of global expansion and staffing activities. G-P established its initial global legal infrastructure and engaged its first client in 2013. By 2015, the company had established legal entities on three continents and secured over 100 customers.
Since its inception, G-P has raised total equity funding of ~$350m over two rounds. In February 2020, the company announced it had closed on a $150m minority equity investment managed by Wincove Private Holdings and TDR Capital to support continued growth. Following this round of funding, the company valuation was ~$600m. In January 2022, the company received a $200m minority equity investment from Vista Credit Partners (VCP), valuing the company at $4.2bn.
In October 2022, the company rebranded from Globalization Partners to G-P. In April 2023, the company sunsetted its Global Employment Platform. In Q1 2023, it launched G-P Meridian, a customizable SaaS-based global employment product suite to address the needs of companies of all sizes looking to build and manage international teams in the new world of work. Following the launch, G-P announced its vision for global growth technology, a new category within HR technology sparked by the demands and opportunities of the everywhere workforce.
In 2023, G-P launched its AI-enabled global intelligence assistant, GIA, which supports its clients at any time or stage of their international growth journey. GIA has processed ~30,000 client inquiries at the publishing date (July 2024) related to country regulations and compliance, identifying and hiring skilled talent in a new market, and onboarding employees in a new market.
G-P maintains a vendor ecosystem comprising ~200 partners, including strategic technology partnerships to enrich its technology stack and complement its solutions. In March 2023, the company and Wise partnered to accelerate cross-border payments for contractors and freelancers. The same month, G-P announced its collaboration with workforce management solutions provider UKG. In May 2024, it announced its expanded partnership with ADP to deliver global EOR, contractor, and payroll solutions to organizations worldwide.
The company is a founding Global Employment Innovation Organization (GEIO) member. The group, announced in February 2023, focuses on promoting, maturing, and expanding the ecosystem for global employment service providers by bringing industry leaders together to help ensure a better employment services industry for all stakeholders.
