June 2026
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 | Founded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP’s portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in more than 180 countries and has more than 400,000 customers, approximately 80% of which are small to medium-size enterprises. | $181 | -39% | $211B | $209B | 4.8x | 14.9x | ||
 | Workday is a software company that offers human capital management, financial management, and business planning solutions for enterprises. Known for being a cloud-only software provider, Workday was founded in 2005 and is headquartered in Pleasanton, California. | $148 | -38% | $37B | $36B | 3.8x | 11.6x | ||
| Paychex is a technology company providing human capital management solutions, enabling clients to better implement payroll, talent, time, tax, and benefits administration. It has a diverse set of product offerings addressing client needs. Aside from its traditional cloud-based payroll and HCM software offering, which accounts for close to half of total revenue, the company provides outsourcing options. Paychex's administrative service organization and professional employer organization accounts generate over 40% of sales. The balance of revenue is generated through retirement services, insurance solutions, and other products. In fiscal 2025, the company had 800,000 clients and almost 2.5 million worksite employees across its ASO and PEO. | $99 | -32% | $36B | $39B | 7.0x | 15.3x | ||
| Founded in 1998, Paycom is a human capital management software-as-a-service provider addressing customer requirements surrounding payroll, talent acquisition, talent management, human resources management, and time and labor. The company primarily generates revenue through the sale of subscriptions providing access to its HCM platform. To a lesser extent, the company also generates revenue from implementation services provided to customers as well as interest income generated from customer funds. | $137 | -41% | $6B | $7B | 3.4x | 7.9x | ||
| Founded in 1997, Paylocity is a cloud-based human capital management and payroll platform servicing midmarket customers. The company’s average client size is around 150 employees. Its products help with recruiting and onboarding, payroll, time and labor, human resources, benefits, learning, and performance and compensation workflows. In fiscal 2025, the company generated over $1.5 billion in revenue across more than 41,000 customers. | $113 | -38% | $6B | $6B | 3.7x | 10.1x | ||
 | Totvs SA is a provider of information technology solutions to small and medium enterprises in the education, government, healthcare, and retail end markets. The Company's business purpose is to provide business solutions for companies of all sizes, through the development and sale of management software, productivity platforms, collaboration, and data intelligence, digital marketing, as well as the provision of implementation, consulting, advisory, maintenance services, e-commerce, and mobility. The Company operates in three reportable segments, which include the TOTVS Management segment, the RD Station segment, and the TOTVS Techfin segment. The majority of its revenues is generated from the TOTVS Management segment. | $7 | -19% | $4B | $5B | 4.0x | 13.9x | ||
| Workiva Inc is an AI-powered platform for trust, transparency, and accountability. Accounting, finance, sustainability, risk, and audit teams rely on Workiva for their mission-critical work. It transforms how customers connect data, unify processes, and empower teams in a secure, AI-powered, audit-ready, collaborative platform. Company's Geographical region consist of USA, Netherland, UK, and Others. Majority of revenue is from USA. | $49 | -28% | $3B | $3B | 3.0x | 29.3x | ||
 | Hilan Ltd is an Israel-based Application Service Provider (ASP) company. It provides overall management of the human resource in organizations, such as payroll, human resources, time and attendance and pension administration. The company serves banking and finance, communication, health and medicine, retail, hi-tech, teaching and education, transportation companies, hotels, institutions and many others. | $78 | -15% | $2B | $2B | 1.7x | 10.6x | ||
| ATOSS Software SE supplies technical and consulting solutions for professional workforce management and demand-driven workforce deployment. From conventional working time management to mobile apps, detailed workforce forecasting, sophisticated workforce scheduling, or strategic capacity and demand schedules, the company offers its customers various solutions in the cloud or on-premises. It generates sales revenue from licensing software products to end-users or to resellers, from cloud subscriptions, maintenance contracts, consulting services, the sale of hardware as well as from providing other goods and services. | $90 | -45% | $1B | $1B | 5.8x | 14.5x | ||
 | Freee KK is a developer of cloud-based software. Its software products include Cloud Accounting software, Cloud HR Labor software, Cloud ERP for Midsize companies, among others. | $13 | -45% | $792M | $659M | 2.9x | 73.9x | ||
 | Beisen Holding Ltd is an investment holding company. The company and its subsidiaries are majorly engaged in providing cloud-based human capital management (HCM) solutions in the People’s Republic of China which enables customers to recruit, evaluate, manage, develop, and retain talents efficiently. Its platform iTalentX delivers cloud-native SaaS products, namely cloud-based HCM solutions, for enterprises to recruit, evaluate, manage, and retain talents. Its platform offers a full suite of cloud-based applications covering an organization’s HCM needs throughout the entire employee lifecycle. | $0 | -58% | $345M | $137M | 1.0x | (10.7x) | ||
 | Zaggle Prepaid Ocean Services Ltd is into spend management, with a differentiated value proposition and diversified user base. It offers a diversified portfolio of SaaS, including tax and payroll software. The company's core product portfolio includes; Propel, a SaaS platform for channel partner rewards and incentives, employee rewards and recognition; SAVE, a SaaS-based platform for employee expense management, reimbursements and benefits; and Zoyer, an integrated data driven SaaS-based procure-to-pay and utility payment platform. The company's operating segments are based on the nature of the products and services provided and include; Propel platform revenue/gift cards which derives maximum revenue, Platform fee/SaaS fee/Service fee and Program fee. | $2 | -53% | $282M | $230M | 1.2x | 9.7x | ||
 | AdvancedAdvT Ltd is a software solutions provider for the business solutions, healthcare compliance, and human capital management sectors. The software solutions allow organizations to achieve their financial and e-business strategies by driving transformational changes. It provides software solutions and platforms across two business transformational areas namely business solutions & healthcare compliance, and human capital management. The Group's operations are IBSS (financial management software), CHKS (AI-based healthcare intelligence compliance and accreditation software), Retain (global resource planning and talent management software) and WFM (workforce management software provider). | $2 | -8% | $269M | $151M | 2.6x | 10.8x | ||
| Asure Software Inc is a provider of cloud-based Human Capital Management (HCM) software solutions delivered as Software-as-a-Service (SaaS) to businesses of all sizes. It facilitates small and mid-sized businesses (SMBs) to develop their Human Capital to get to the next level, stay compliant, and allocate their time, money, and technology toward growth. The company's HCM suite, named AsureHCM, includes cloud-based Payroll and Tax, HR, a Time and Attendance software. Its HR services range from HR projects to outsourcing payroll to HR consulting services. The firm sells its HCM products majorly in the United States. | $9 | -7% | $261M | $317M | 2.3x | 9.9x | ||
| TON Strategy Co is a leader in interactive video-based sales applications, transforms how businesses attract and engage customers. The company's Software-as-a-Service platform, based on its proprietary interactive video technology, comprises a suite of easy-to-use, subscription-based sales enablement software products. The segments of the company are MARKET.live and Go Fund Yourself, and it derives maximum revenue from MARKET.live segment. | $4 | -- | $212M | $178M | 13.9x | (1.2x) | ||
| DHI Group Inc is a provider of software products, online tools, and services that deliver career marketplaces to candidates and employers in the United States. The company operates through two reportable segments: ClearanceJobs and Dice. Its brands enable recruiters and hiring managers to search, match, and connect with skilled technologists, particularly in technology and active government security clearance, while professionals find job opportunities, job advice, and personalized data. ClearanceJobs connects security-cleared professionals with employers in a secure environment and supports engagement through messaging and live video. Dice, which generates maximum revenue, is a destination for technology and engineering talent, offering job postings across a range of technology roles. | $4 | +24% | $159M | $198M | 1.5x | 5.6x | ||
 | ReadyTech Holdings Ltd is a provider of people management software for educators, employers, and facilitators of career transitions. Its products are JR Plus, A2E, HR3, ePayroll, JR Gov, Aussiepay, and others. The company's operating segments include Education and Work pathways, Workforce Solutions, and Government and Justice. It generates maximum revenue from the Government and Justice. The education segment mainly provides products and services to tertiary education providers. Its Workforce segment provides products and services to a mid-sized company across various industries. The Government division provides government and justice case management software as a service solution to local governments, state governments, and justice departments. | $1 | -29% | $142M | $175M | 2.0x | 6.8x | ||
 | Humanica PCL is engaged in providing human resource outsourcing and payroll services, sales and providing implementation services of human resource systems, sales of and providing implementation services of computer software for enterprise resource planning, sales of advance access control devices, and provide life and non-life insurance brokerage. The company's business segment includes Human resource management system services; and Accounting and financing services. The company generates maximum revenue from the Human resource management system services segment. | $0 | -37% | $128M | $113M | 2.3x | 6.1x | ||
| OpenWork Inc is engaged in the development and management of OpenWork job and recruitment information platform for job-changing and employment-based employee review data. The company operates in a single segment, the working data platform business. | $6 | -12% | $118M | $71M | 2.3x | 9.4x | ||
| Lucas GC Ltd is a technology-driven online agent-centric human capital management service provider targeting professionals based on PaaS in China. Its business segments consist of recruitment services, outsourcing services, and other services, which include information technology services and training services. | $2 | -95% | $87M | $96M | 0.6x | 23.3x | ||
| Human Technologies Inc is a company engaged in the development and provision of cloud services centered on attendance management. It provides product services that combine business systems based on cloud computing and biometric authentication technology. The Group operates in a single segment, the attendance management SaaS business. | $9 | -37% | $85M | $60M | 1.6x | 9.7x | ||
| Kinatico Ltd is a technology company that helps employers manage their workforce and meet regulatory compliance needs. It operates an online screening and verification service through its website cvcheck.biz. The company has developed an online interface for users to engage CVCheck to access primary and third-party information data providers and sources. Its geographical segments are Australia and New Zealand. Generating, a majority of its revenue from Australia. | $0 | -31% | $40M | $33M | 1.4x | 9.9x | ||
 | PaySauce Ltd is a New Zealand-based software company. It is a Software as a Solution (SaaS ) fintech platform providing solutions for people at work. The technology enables small employers to digitally onboard, pay, and manage employees from any device. The platform includes rosters, mobile timesheets, payroll calculations, banking integration, automated payments, PAYE filing, labour costing, automated general ledger entries, and digital employment contracts. It generates maximum revenue in the form of processing fees, which are the monthly or annual subscription customers pay for PaySauce payroll products. Geographically, the company generates a majority of its revenue from its business within New Zealand. | $0 | +20% | $24M | $10M | 2.8x | 13.7x | ||
 | Safeture AB is a Software as a Service (SaaS) company based in Sweden. The company offers a technology platform for partners and their customers, enabling them to improve the personal safety and security of individuals, companies and organizations regardless of their location. Safeture's platform is sold through partners who have solutions for security or medical assistance, or through an insurance company where assistance is part of the insurance offering. A typical end customer is a large international company that purchases annual licenses to Safeture's platform together with assistance from one of Safeture's partners. | $0 | -38% | $16M | $14M | 2.2x | 16.3x | ||
| Coel Inc provides services and software solutions aimed at streamlining back-office operations, including accounting, human resources, workflow management, and data utilization. Its offerings include enterprise software products and cloud-based solutions such as workflow management, ERP systems (Magistrate Series), data integration tools, and custom cloud application development on platforms like Salesforce and kintone. | $19 | -- | $11M | $5M | 0.3x | 3.0x | ||
| Xref Ltd is a human resources technology company that automates pre-employment recruitment checks, employee engagement surveys, and exit interviews. The segments of the company are Xref Platform, which includes Enterprise Platform and Recruiter Platform for Pre-employment reference surveys, pulse, and exit surveys; Trust Marketplace includes ID verification, Qualification checks, and Background checks; and Xref Engage includes Engagement surveys. Geographically, it derives a majority of its revenue from Australia and also has a presence in Canada, the United Kingdom, New Zealand, and the United States. | $0 | -55% | $10M | $13M | 0.8x | 6.9x | ||
| Dillistone Group PLC provides technology solutions and services to the recruitment industry. It is a provider of software and services that enable recruitment firms and in-house recruiters to manage their selection process and address the training needs of individuals. It carries brands like Voyager Software, a supplier of Infinity recruitment software, the Mid-Office Pay & Bill solution, Dillistone FileFinder, and others. The company's divisional segments include Ikiru People and Central. Its primary geographical markets are the United Kingdom, Europe, the Americas, Australia, and the Rest of the world. The majority of its revenue is derived from the United Kingdom. | $0 | -- | $5M | $7M | 1.1x | 4.2x | ||
| Baiya International Group Inc is a company which operates through its subsidiary Gongwuyuan operates a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions in the flexible employment marketplace. The Company's business is focused around on four primary services which are job matching services, entrusted recruitment services, project outsourcing services and abor dispatching services in the flexible employment market within China, mainly in the core manufacturing regions including the Pearl River Delta and Yangtze River Delta region. | $1 | -- | $4M | $3M | 0.2x | (0.3x) | ||
 | Emplocity SA deals with the use of artificial intelligence and automation in business. Its Emplocity Platform is proprietary software that allows companies to create domain bots that easily automate repetitive business processes, increase employees’ efficiency, as well as save time and money. The company's technology offering includes Emplocity Platform, Conversational Interface, Artificial Intelligence, and Smart Automation. | $0 | -73% | $2M | $2M | 7.9x | (3.7x) | ||
| Median | $4 | -37% | $212M | $175M | 2.3x | 9.9x |
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