The again half of 2023 is anticipated to unlock the expertise IPO market. Whether or not the public-offering window opens later this 12 months or early in 2024, TechCrunch+ expects to see a number of acquainted names within the combine from the HR tech area.

And maybe some much less acquainted names.

Common TechCrunch readers are probably aware of HR-tech unicorns like Rippling, Gusto and Deel, late-stage startups with valuations round or above the $10 billion mark.

Velocity International is one other title to incorporate within the startup cluster. Price a number of billion {dollars}, its current progress and profitability imply that after we contemplate potential exits within the HR expertise market, it ought to be on the record.

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Much more enjoyable, Velocity International CEO Ben Wright shared a grip of monetary information about his firm with TechCrunch+ lately. The brand new numbers give us much more perspective into the expansion and value of startups that assist different firms run payroll.

There’s nuance within the HR tech area. First, the dividing line between operating payroll and hiring staff: Whereas Deel and Velocity International seem extra targeted on being employers of report (EoR) for home firms seeking to rent internationally, Rippling and Gusto are extra identified for operating payroll for purchasers’ home workforces. However don’t attempt to jam the 4 firms into two distinct teams; Rippling additionally affords clients the flexibility to be their co-employer, and each Rippling and Gusto provide help for worldwide workers.

Briefly, whereas the 4 firms might have began off with a specific focus and geographic bent, they’re overlapping extra over time as they broaden their product lineup to help extra buyer use instances and, we presume, to develop their income footprint with current clients.

As we await some courageous firm to be the primary IPO out of the gate, let’s chat via Velocity International’s numbers and valuation and distinction each with what we learn about a few of its private-market competitors. For you digit-heads on the market, we’re going to shut with a query about which firm’s valuation makes essentially the most sense. Prepared? To work.