HR Path Funding, Investors & Competitors

HR Path has raised $392M across 4 funding rounds, most recently a $242M undisclosed-stage round in May 2022.

Last HR Path funding round

$242M

Undisclosed stage · May 2022

HR Path revenue

$150M

Undisclosed stage · May 2022

Key investors in HR Path

HR Path Overview

About HR Path

HR Path is a global consultancy with over 500 consultants across North America, Europe, and the Middle East, dedicated to HR systems integration, outsourcing, and business consulting. As an authorized reseller of SAP SuccessFactors, HR Access, Oracle HCM, Cegid, Sage, and Talentsoft in France, it also offers proprietary tools like BiHRdy for business intelligence, Pandore for HR, payroll, and time management, and Geef for talent management. Serving CAC 40 companies, SMEs, mid-sized firms, and public sector entities via hr-path.com.


Founded

2001

HQ

FranceParis

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Services, Subscription

Revenue

$150M (May 2022)

HR Path Revenue

HR Path's latest recorded revenue is $150M, as of its undisclosed-stage round in May 2022.

Revenue grew from $65M in April 2017 to $150M in May 2022.

HR Path revenue by funding round

HR Path revenue and valuation multiple by funding round
DateRevenue *Stage
May 2022$150MUndisclosed stage
Apr 2019$106MUndisclosed stage
Apr 2017$65MUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

HR Path Funding History

HR Path has raised a total of $392M across 4 funding rounds.

HR Path's first fundraising round was a $6M Series A in June 2015. The most recent completed round was a $242M undisclosed-stage round in May 2022.

HR Path funding rounds

HR Path funding rounds
DateStageInvestorsRaisedDeal Summary
May 2022Undisclosed stageAndera Partners (lead); Societe Generale Capital Partners (lead); Banque Palatine; Crédit Agricole Private Bank; BNP Paribas; LCL; Caisse d'Epargne Ile-de-France$242MAndera Partners and about a dozen of its subscribers led a EUR 225 million financing of HR Path announced in May 2022, with Societe Generale Capital Partenaires also participating. Six French banks, Societe Generale, BNP Paribas, Credit Agricole Ile-de-France, Banque Palatine, LCL and Caisse d'Epargne Ile-de-France, subscribed to the transaction. The operation combined growth-oriented bank financing with a reorganization of the company's equity around Andera Partners, a shareholder since 2019, which set up a dedicated co-investment fund for the purpose. The fund gives existing investors and shareholders liquidity and gives the group more resources for growth, and Andera Partners, the co-investment fund and Societe Generale Capital Partenaires remain minority shareholders. HR Path set out to double its turnover within five years through organic growth and acquisitions and to hire 400 people a year. HR Path is a Paris-based HR consulting and digital transformation group covering HR strategy consulting, software implementation and payroll outsourcing, and operated in 19 countries at the time.
Apr 2019Undisclosed stageAndera Partners (lead)$112MHR Path is a French technology company specializing in the full spectrum of human resources solutions, including HR strategy consulting (Advise), software solution implementation (Implement), and payroll outsourcing (Run). The company operates globally across 19 countries and positions itself as a digital transformation leader in the HR function. On April 3, 2019, HR Path announced a historic €100 million investment from Andera Partners, marking an unprecedented fundraising event for a French HR company. This round was supported by a banking pool including Société Générale, BNP Paribas, Crédit Agricole Ile-de-France, and Banque Palatine. The investment was structured to fuel rapid expansion into international markets and strengthen the company's position as a key player in the global HR industry. With both organic and external growth strategies, HR Path set ambitious targets at the time of the 2019 funding: reaching €130 million in turnover by 2020 and €240 million within five years, while increasing its workforce and becoming the world leader in global HR solutions. Andera Partners, which had been following the company's growth trajectory for several years, was impressed by the solid entrepreneurial partnership and expansion performance and committed to supporting the company's change of scale. The investment was part of HR Path's broader growth journey, following prior fundraising rounds of €10 million in June 2015 and €30 million in March 2017. These earlier rounds had enabled the company to establish itself as a major European player in HR services and digital HR transformation. The 2019 round represented a significant acceleration in the company's growth ambitions and international expansion strategy.
Apr 2017Undisclosed stageArdian; Societe Generale Capital Partners; Activa Capital$33MHR Path is a French HR solutions specialist founded in 2001, offering a comprehensive 'one-stop shop' for HR needs including consulting (Advise), implementation of HR systems like SAP, SuccessFactors, Oracle HCM, and payroll outsourcing (Run). It develops proprietary software such as payroll and time management solution Pandore, business decision-making tool BiHRdy, and talent management system Geef, while acting as an authorized reseller for major HR software providers. In April 2017, HR Path raised €30 million from Activa Capital, Ardian, and Société Générale Capital Partenaires to fuel international expansion across 13 countries, acquisitions in France, staff recruitment, and investments. At the time of the 2017 round, HR Path employed 500 consultants and generated more than €60 million in annual revenue, underscoring its steady growth and expert positioning across the HR value chain as both IT consultancy and service provider. The funding supported consolidation of its global leadership in HR solutions, capitalizing on digital transformation trends in HRIS. Post-2017, HR Path continued aggressive expansion through acquisitions like ICRH, Sages Software, Cleveor, Human Start, Cleversys, Cinethic, Strator RH, Virtualia, Cetis, Avenue HR in Canada, KWP France, DDG, Go-cloud Solutions, Exaserv, Whitaker Taylor, PlusHR, Consult Recruitment, Extalys, and Integra, strengthening its presence in Europe, Latin America, the UK, Vietnam, Spain, and beyond. It raised additional €100 million in 2018 from Andera Partners and banks, entered France's Next 40 scale-up list in 2019, and secured a record €500 million financing from Ardian in July 2024 to accelerate international growth in the US, Canada, Germany, Nordics, and Australia, reaching €215 million turnover, 1,800 employees, and 3,000 clients across 22 countries.
Jun 2015Series AArdian (lead); Société Générale (lead)$6MHR Path is a specialized HR consulting and services provider founded in France. The company offers a comprehensive "one-stop shop" model across three business lines: Advise (HR strategy consulting), Implement (HR software systems implementation), and Run (payroll outsourcing). In June 2015, HR Path closed its Series A financing round with €5 million in new investment led by Ardian and Société Générale Capital Partenaires, positioning these investors to support the company's early-stage growth in the Human Resources Information System (HRIS) market. At the time of this round, the company was establishing its foundation as a specialized provider serving SMEs and larger organizations across multiple countries.

Who has invested in HR Path?

10 investors have backed HR Path across its funding rounds, including Andera Partners, Ardian, Societe Generale Capital Partners, BNP Paribas, Société Générale and Activa Capital.

Lead investors include Andera Partners, Societe Generale Capital Partners, Ardian and Société Générale.


HR Path Investors

Investors in HR Path by funding rounds participated
InvestorHQRoundsRoleFirst check
ArdianFranceParis2LeadJun 2015
Societe Generale Capital PartnersFranceParis2LeadApr 2017
Andera PartnersFranceParis2LeadApr 2019
Société GénéraleFranceParis1LeadJun 2015
Banque PalatineFranceFrance1ParticipantMay 2022
Crédit Agricole Private BankFranceParis1ParticipantMay 2022
BNP ParibasFranceFrance1ParticipantMay 2022
Activa CapitalFranceParis1ParticipantApr 2017

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Acquisitions by HR Path

HR Path has acquired 41 companies to date.

Last acquisition by HR Path was on October 21st 2026. HR Path acquired Payroll Experts Australia for undisclosed valuation.


Latest Acquisitions by HR Path

Payroll Experts Australia
SnapAI
ModusForce
tts digital HR experts
Description
Payroll Experts Australia is a payroll and workforce management services firm that provides independent payroll audits, compliance reviews, remediation and payroll project delivery. It states that it sells no payroll software and takes no vendor commissions. Its services cover running payroll, including processing, emergency payroll, payroll support and school payroll, checking payroll through audits, health checks and remediation, and migrating payroll through project management, business analysis, test management and change management. Customers include ASX-listed companies, government departments and large private employers, with a particular focus on schools and aged care providers. The firm operates from offices in Brisbane, Sydney and Melbourne, Australia. HR Path, a Paris-based HR consulting and HRIS group, announced its acquisition in October 2026.
SnapAI is a French AI governance and regulatory-compliance startup that sells a SaaS platform for meeting the EU AI Act. The software audits how an organisation uses AI, identifies risks, generates the compliance registers the regulation requires and trains staff without demanding legal or technical expertise. Its website targets small and mid-sized companies and mid-cap firms, and presents the compliance process as automated. The company is based in Paris and was founded in 2025.
ModusForce is a specialist advisor on Dayforce deployments, covering data preparation, system setup, and integration tasks for workforce management solutions.
tts digital HR experts is a consulting practice focused on SAP human capital management platforms, delivering implementation and ongoing application management.
HQ CountryAustraliaFranceUnited StatesGermany
HQ City
Brisbane
Paris
-
-
Deal Date21 Oct 202612 Oct 202617 Sep 20269 Sep 2026
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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HR Path Competitors

HR Path competitors include listed companies like SAP and Workday, and private ones like Phenom, Gem, TransparentBusiness and Fountain.

Public and private companies comparable to HR Path
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PhenomUnited StatesPhiladelphia, PAPrivate--$1.3B-
GemUnited StatesSan Francisco, CAPrivate--$1.2B-
TransparentBusinessUnited StatesNew York City, NYPrivate--$1B-
FountainUnited StatesSan Francisco, CAPrivate--$950M-
SAPGermanyGermanyPublicly listed$41B$13B$273B6.1x
WorkdayUnited StatesUnited StatesPublicly listed$9.6B$1.2B$46B4.5x

HR Path Public Comps

HR Path is still privately-owned, but its public comps include SAP, Accenture, Workday, Paychex, HCLTech, Experian, Cognizant, Verisk Analytics, Capgemini and Equifax.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SAP$41B$13B6.6x6.1x20.9x19.0x
Accenture$74B$13B2.1x2.1x12.4x11.0x
Workday$9.6B$1.2B4.9x4.5x40.7x13.5x
Paychex$6.5B$3B7.0x6.8x15.2x14.6x
HCLTech$14B$2.7B2.8x2.7x14.4x12.9x
Experian$8.4B$3B4.9x4.7x13.7x13.0x
Cognizant$21B$4B1.4x1.3x7.5x7.2x
Verisk Analytics$3.1B$1.7B9.9x9.5x18.2x16.8x

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Common questions about HR Path

When was HR Path founded?HR Path was founded in 2001.
Where is HR Path headquartered?HR Path is headquartered in Paris, France.
Is HR Path publicly listed?No, HR Path is a private, VC-backed company.
How much funding has HR Path raised?HR Path has raised $392M across 4 funding rounds.
What was HR Path's last funding round?HR Path's last funding round was a $242M undisclosed-stage round in May 2022, led by Andera Partners and Societe Generale Capital Partners.
Who are HR Path's investors?HR Path's investors include Ardian, Societe Generale Capital Partners, Andera Partners, Société Générale, Banque Palatine, Crédit Agricole Private Bank, BNP Paribas, Activa Capital, LCL and Caisse d'Epargne Ile-de-France.
What is HR Path's revenue?HR Path's latest recorded revenue is $150M (May 2022).
Which companies are comparable to HR Path?Companies comparable to HR Path include Phenom, Gem, TransparentBusiness, Fountain, SAP and Workday.
How many companies has HR Path acquired?HR Path has acquired 41 companies, including Payroll Experts Australia, SnapAI, ModusForce, tts digital HR experts and Grupo PHR.

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