Avanti Software, a Calgary, Alberta, Canada-based independent Payroll and Human Resources (HR) software company, raised $25m in equity and debt financing.
The round was led by Round13 Capital with participation from Scotiabank Technology & Innovation Banking and existing investors.
The company intends to use the funds to expand its engineering and product teams to accelerate the development of its cloud platform, and complete the transformation of its on-premise software to an HCM solution.
Avanti provides a payroll, HR, and workforce management solution purpose built for the Canadian market, which specializes in Payroll & Benefits, People Management, Workforce Management, and Talent Acquisition. Built organically from the ground up, each module works together and leverages a single database to provide reporting capabilities and enhanced control over mission-critical, employee data. The platform is designed to simplify the complexity that mid-size businesses face in growing their workforce, including the challenges of geographic dispersion, different worker types (e.g., salaried, contractor, part time, and students), and different pay practices (e.g., union agreements and different benefit plans). It also simplifies even the most complex legislative and union requirements.
Avanti was started in 1980 and acquired in September 2016 from the company’s retiring founders by co-CEO, Amin Lalani. Since the acquisition, Lalani and co-CEO David Owen Cord have charted a new strategic course for the company, initiating the company’s transformation and bootstrapping its growth in annual recurring revenue (ARR) by nearly 250% to more than $10 million in 2021. Avanti’s entirely Canada-based workforce has more than tripled to 110 employees since the acquisition and the company anticipates growing its team to 130 people by the end of 2022, and 180 within three years.
FinSMEs
24/02/2022