FOR IMMEDIATE RELEASE Contact: Susan Truskey
Phone: 866.953.8800, ext. 712
Compensation Management Leader, HRsoft, Secures Financing to Keep Pace with Rapid Growth
New Capital to Support Rapid Year-Over-Year Growth
Maitland, FL and Blue Bell, PA – January 8, 2020 – HRsoft, the trusted leader in enterprise Compensation Management software, has recently secured a new round of capital. The financing was led by Rittenhouse Ventures, an emerging growth venture fund that invests in innovative business-to-business software companies in the Mid-Atlantic region. This comes at a key time for HRsoft, as it continues to experience rapid growth and sharply increasing demand for its products.
“We are on a steep growth trajectory right now as enterprise clients across the US and Canada become aware of the significant ROI that can be achieved by moving the merit, short-term, and long-term incentive plan administration to a robust, cloud-based solution. Rittenhouse Ventures will be an excellent partner to help fuel our continued growth,” said David Kennedy, CEO of HRsoft. “The team at Rittenhouse has domain expertise and deep knowledge of the needs of growing B2B SaaS businesses. They were the obvious choice for us. We look forward to deepening our relationship with Rittenhouse Ventures as we continue to grow.”
Bruce Luehrs, the Co-Founder of Rittenhouse Ventures said “HRsoft’s commitment to client success, the software’s ability to help control compensation spend, and the team’s experience in handling all types of compensation plans, from the simple to the most complex, makes HRsoft the leader in the Compensation Management space. We are truly excited to work with David and his team to provide a new round of capital to HRsoft.”
HRsoft is the trusted global leader in enterprise Compensation Management solutions and Total Rewards Communication portals. The Company’s COMPview solution is proven to systematically control, simplify, and streamline the management of spend on even the most complex compensation plans. The Company’s REWARDview total rewards communication portal helps to empower teams and engage, and retain top employees. For more information, visit www.hrsoft.com.
About Rittenhouse Ventures
Rittenhouse Ventures is an emerging growth venture fund focused on innovative software as a service solutions that power enterprises in healthcare, life sciences, financial services, human resources, and business services. With a unique combination of right-sized investments, deep expertise, and a proven track record, Rittenhouse optimizes capital and growth strategies for entrepreneurs. Based in Philadelphia and investing across the Mid-Atlantic region, Rittenhouse Ventures builds long-term partnerships with management teams and leverages an extensive local network to their advantage.