LONDON, Sept. 13, 2022 /PRNewswire/ -- Benivo, the leading end-to-end employee mobility management platform, today announced a $12 million funding round led by Updata Partners, a growth equity investment firm focused on business-to-business software. With this new capital, Benivo will grow its teams in the US, UK, Armenia, and India, and continue to expand its unified mobility solution to address the industry's key pain points.
Benivo provides a software platform for Mobility teams at the world's largest companies to manage their globally mobile workforce and programs. The Benivo Global Mobility Management Platform allows customers to manage HR-Employee-Vendor processes, power any type of relocation policy (VIP, core flex, lump sum, managed service, and more), and quickly and cost effectively execute employee and vendor payments. As an industry innovator, Benivo recently released an unlimited cost estimates solution, powered by Vialto Partners, which adds AI-powered expense reimbursement to its product suite.
Benivo is on a mission to help Global Mobility leaders provide more value to their organization by leveraging purpose-built software and industry data. With Updata's investment, Benivo will accelerate customer acquisition and continue to provide cutting edge technology to Mobility teams around the world.
"Benivo's success to date is the result of outstanding technology and a capital-efficient operating mindset. Benivo has established themselves as the leader in the Mobility software space, and we are thrilled to be partnering with them to help capture the exciting opportunity ahead," said Braden Snyder, Partner at Updata Partners. Braden will join the Benivo Board of Directors as part of this transaction.
Nitzan Yudan, Benivo CEO said "This is an exciting moment for Benivo that recognizes our hyper-growth in the last 2 years. I would like to express a special thank you to the Benivo Changemakers, Benivo employees, and our clients for their trust, advice, commitment and support to bring us here. This is an important milestone, and we are just starting!"
Join Benivo and Updata Partners for a special episode of The View From The Top Show, hosted by Benivo Strategy Director Brian Friedman to discuss this investment on September 21st, 2022. Brian Friedman is a long-term industry veteran. He founded the Forum for Expatriate Management and now hosts Global Mobility's most popular live broadcast show every Wednesday at 8am Pacific, 11am Eastern, 4pm UK.
Benivo is growing fast and is recruiting. Join us.
Benivo is an end-to-end, single platform solution for Global Mobility teams to manage their global mobile workforce, manage the HR-Employee-Vendor processes, power any/every employee policy from VIPs to core-flex, lump sum, and managed services, and execute global payments to employee and service providers faster and cheaper than the competition. Serving the global fortune 1000 since 2011, Benivo has a client NPS of 70, client employee experience improvement >50%, and has earned 11 industry awards including multiple wins for best technology in Global Mobility. Among its clients are Google, General Electric, Bayer, CGI, and Wayfair.
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About Updata Partners
Updata Partners is a leading technology-focused growth equity firm in Washington D.C. with over $1.5 billion in committed capital. Led by an investment team averaging more than 25 years of technology experience, Updata invests in high-growth B2B software and software-driven businesses where the combination of capital and operating experience will help accelerate success. .