NetSuite to Acquire Waterloo Social HR Startup TribeHR

Posted by Techvibes NewsDesk

NetSuite today announced that it has entered into a definitive agreement to acquire Waterloo's TribeHR.

The terms of the proposed acquisition were not disclosed.

The proposed acquisition would create a single cloud solution for modern SMBs with the ERP power to run their core business operations as well as a rich, social HR software solution to manage employees.

Founded in 2009, TribeHR is a social HR platform with headquarters in Waterloo and more than 450 customers operating in more than 50 countries around the world.

In August 2012 TribeHR secured $2.5 million in financing led by Relay Ventures, with follow-on participation from Matrix Partners. Matrix had made a $1 million seed round investment in TribeHR the previous year.

MORE: Canadian Startup TribeHR Grew Sales by 500% in 2012

In 2013, TribeHR joined the NetSuite SuiteCloud Developer Network (SDN), created the popular TribeHR SuiteApp, and now has nearly 30 joint customers with NetSuite. TribeHR also complements NetSuite's existing payroll product, NetSuite Premier Payroll Service.

"TribeHR was founded on the idea that the best companies are built by inspired, connected and engaged employees," said Joseph Fung, Co-Founder and CEO of TribeHR. "The initial reception of TribeHR in the NetSuite installed base proved the power of coupling employee engagement with operational excellence, and we are excited about going where no company has gone before in combining core business process applications with employee interaction applications."

Company:
Relay Ventures
Website:
http://www.relayventures.com
Location:
Toronto, Ontario, Canada

Relay Ventures is an early stage venture capital firm that invests in passionate entrepreneurs disrupting and creating new markets through mobile technologies. Unlike other funds, Relay exclusively focuses on software for mobile devices and the connected Internet, creating an unparalleled set of networks and resources that tangibly help founders build world-class companies. With offices in Menlo Park and Toronto,... more

Company:
TribeHR
Website:
http://www.tribehr.com
Location:
Kitchener-Waterloo, Ontario, Canada

Headquartered in Waterloo, ON and Boston, MA, TribeHR Corp. builds TribeHR, the first truly social human resources management software. Its easy-to-use tools are used by businesses worldwide, allowing companies to focus more on what they do best and less on things that get in the way. TribeHR was founded in 2009 and is funded by Matrix Partners and Relay Ventures. For more information, visit www.tribehr.com. more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more




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