Perceptyx, the employee survey and people analytics platform that helps companies transform the way they leverage their people data to drive business success, recently announced it has received a significant investment from TCV, the growth equity firms backing public and private technology companies. The investment and expertise from TCV will help fuel Perceptyx’s rapid growth through product innovations for current and future customers, positioning the company to build upon its market-leading people analytics platform. As part of this investment, Nari Ansari (General Partner, TCV) and Dave Eichler (Vice President, TCV) will join the Perceptyx Board of Directors.
Founded in 2003, Perceptyx provides deep insights into an organization's people, giving leaders the data and insight they need to improve the employee experience, predict challenges in the business, and drive strategic action to deliver improved business performance.
“This is an exciting moment in Perceptyx’s history. For over 16 years we have been on a mission to help people and organizations thrive, and the partnership with TCV is evidence of the value that our customers continue to derive from our platform,” said John Borland, CEO of Perceptyx. “TCV has a history of investing in category-redefining companies, and their partnership reaffirms our culture of innovation, off-the-charts customer retention, and the increasing demand for a more integrated approach to talent analytics in driving business strategy and operations.”
Advancements in machine learning and the growing volume and availability of business and people data continue to fuel increased demand for deeper talent insights that enable Human Resources (HR) to be more strategic partners to the business. While the global Human Capital Management (HCM) market size is expected to reach US$22.6 billion by the end of 2025 (a 7.6% CAGR), the 2018-2019 Sierra-Cedar HR Systems Survey found that 41% of CHROs plan to increase spending on Talent Analytics in particular, further indicating that the Talent Analytics market is heating up.
“Perceptyx’s history of building a best-in-class product as well as their strong customer focus has the team well-positioned to capitalize on the enormous and growing opportunity within the HCM space. We are very excited to partner with the Perceptyx team to help them reach their full potential,” said Dave Eichler, Vice President at TCV.
Since TCV’s inception in 1995, the firm has raised over $15 billion across ten funds and invested over $12 billion in technology companies.
“TCV partners with companies we believe are leaders within their market vertical,” said Nari Ansari, General Partner at TCV. “We have been watching Perceptyx closely for quite some time and have been impressed with their consistent growth and amazing track record within the Fortune 1000. We look forward to supporting the team as they embark on their next phase of growth.”
The investment from TCV is particularly significant for Perceptyx in that it represents the first external investment since its founding in 2003. Entirely self-funded and profitable from its inception, Perceptyx has fueled its own growth through a relentless focus on product innovation and client satisfaction, achieving greater than 95% client retention. As the people analytics provider to over 30% of the Fortune 100, experiencing accelerated growth, Perceptyx is poised to further its growth and expansion through the partnership.
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