Vendor Analysis
published on Jun 30, 2022
Report Overview:
This NelsonHall vendor assessment analyzes Remote’s offerings and capabilities as a provider of global employer of record services.
Who is this Report for:
NelsonHall’s Global Employer of Record Services profile on Remote is a comprehensive assessment of Acumen International’s offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of employer of record services and identifying vendor suitability for RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the employer of record sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Remote’s global employer of record service offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, 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 delivery locations.
Key Findings & Highlights:
This NelsonHall vendor assessment analyzes Remote’s offerings and capabilities as a provider of global employer of record services.
Remote is a technology-enabled global employer of record, payroll, benefits, and compliance services provider. The company was founded in 2019 by Job van der Voort and Marcelo Lebre to simplify how companies employ global talent. Remote is a fully distributed company with no physical headquarters. The company is legally headquartered in San Francisco, California.
Remote’s Global HR solutions are organized into the following service lines:
- Employer of Record
- Contractor Management
- Global Payroll
- Remote Relocation
- Remote Consulting Services.
In addition to its HR outsourcing services, Remote maintains a humanitarian focus. It operates a series of partner programs to provide business expansion and talent acquisition consulting to targeted businesses and groups. The company launched the following programs in 2021-2022:
- Remote for Startups, legal and compliant global employment services at discounted rates for startup organizations
- Remote for Good, an initiative to help companies that are focused on social impact (i.e., charities, foundations)
- Remote Affiliates Program allows Remote advocates to earn commissions by referring new customers
- Remote for Refugees, a free service for employers hiring refugee talent
- Venture Capital (VC) Partner Program allows VCs to recommend Remote to their startup portfolio organizations
- Remote Partner Marketplace enables organizations to learn about partner apps, solutions, and integrations
- Remote Relocation helps companies relocate employees to a new country compliantly while remaining within their organization
- Since its inception, Remote has raised total equity funding of ~$496m over four equity funding rounds. Following its most recent funding round in April 2022, the company valuation is ~$3.0b. 24 investors fund remote. SoftBank led remote's $300 million Series C round, with participation from existing investors Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, and Gaingels
- Remote develops proprietary tools, leverages third-party software tools, and has created integrations with Greenhouse, BambooHR, and Stripe to enable its employer of record and payroll offerings, dedicating ~45% of its annual revenues toward R&D efforts to automate and expand its services.
In the past year, Remote has established legal entities and commenced employer of record services in ~64 countries. The company delivers its services using a combination of established local entities with internal staff and third-party in-country legal, payroll, and accounting partners.