beqom, the provider of a cloud based total compensation solution, announced today a $35m investment by Goldman Sachs. The purpose of this investment is to accelerate beqom’s worldwide growth by reinforcing its global presence, increasing the direct sales force and further developing indirect sales channels.
“We initially spotted beqom because we had identified the market they are in as a strong opportunity for growth. When we later met with beqom, we saw a unique solution with an impressive customer list and a very experienced team,” said Chris Resch, Executive Director, Private Capital Investing at Goldman Sachs.
Created in 2009, beqom’s total compensation and performance management solution enables large global organizations to manage the reward of their people without compromise. beqom’s current customer base consists of over 100 of the world’s largest companies.
beqom’s growth strategy has been focused on building a strong foundation of industry leaders successfully driving value from the beqom solution. Currently beqom is managing about 2 million payees on its platform annually. While impressive, there are still over 130 million employees of the world’s largest companies for whom beqom is a perfect fit.
“With this foundation, made of a unique solution, well-known loyal customers and a strong employee culture, it‘s time for us to tell all the large enterprises worldwide what we can do for them and their employees” says Fabio Ronga, beqom CEO. “While this will translate into an acceleration of growth, it requires investments that we couldn’t self-finance”.
The reasons beqom selected Goldman Sachs to support the company in this new phase include the bank’s capacity to provide the necessary funding required by the large market opportunity beqom is addressing, Goldman’s unique understanding of beqom’s value proposition and the entrepreneurial fit between the beqom and the Goldman Sachs teams.
“At the beginning of our fund raising process, we included Goldman Sachs on our list of preferred investors because of their name and reputation. We ended up selecting Goldman Sachs because of the people we met there”.
— Fabio Ronga, CEO, beqom
About Goldman Sachs
Goldman Sachs Private Capital Investing (“PCI”) is Goldman Sachs’ investment platform dedicated to providing long term capital to growth and middle-market companies throughout Europe and Israel. PCI Invests $20 to $150 million per transaction in the form of common, preferred and structured equity.