PerformYard
Overview
PerformYard is a performance management software provider that was founded in 2013 by Ben Hastings and Jon Malpass. Based in Arlington, Virginia, the company aims to enhance corporate performance by offering tools for performance reviews, goal tracking, and employee engagement. PerformYard has secured significant financial backing, including a recent $95 million investment from Updata Partners, accumulating a total of over $96 million in funding to date.
Recent Developments
- January 2024: PerformYard announced a significant $95 million equity investment from Updata Partners, a move aimed at expanding its team and services. This funding is set to accelerate hiring across all departments and expand its software capabilities (TechCrunch, ARLnow).
- 2023: The company launched new product updates that enhanced their performance management software, including features for employee engagement surveys and satisfaction factor analysis (PerformYard).
- December 2023: PerformYard closed its Series A funding round, during which it raised $95 million from Updata Partners (PRWeb).
- 2023 Highlight: Rated as the #1 performance management system by G2 for customer satisfaction, reflecting its strong market presence and consumer approval (PerformYard).
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2013 |
| Headquarters | Arlington, Virginia, USA |
| Founders | Ben Hastings, Jon Malpass |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Updata Partners |
| Industry | Software Development, HR |
| Number of Employees | Approximately 106 as of 2024 |
Early History
PerformYard was established in 2013 by Ben Hastings and Jon Malpass, who brought together their expertise in software development and business strategy. They identified a need for more efficient performance management solutions and developed a platform that facilitates employee appraisals, goal management, and continuous feedback. Initially self-funded, the company bootstrapped its way into the market before receiving seed funding that propelled its development and initial customer acquisition.
Company Profile and Achievements
PerformYard specializes in performance management systems designed to streamline employee performance tracking and improve corporate productivity. Its software supports various performance management strategies, including 360-degree feedback, project-based reviews, and goal setting.
- 2014: Launched its first software modules focusing on performance appraisals and goal management. Gained initial adoption among tech startups.
- 2016: Expanded its product offerings to include continuous feedback mechanisms and employee engagement surveys.
- 2020-2022: Achieved significant growth in customer base and revenue, integrating with major HRIS platforms such as ADP and Workday.
- 2023: Honored by G2 as #1 in customer satisfaction for performance management systems, reflecting its user-friendly design and robust functionality.
Current Operations and Market Position
PerformYard currently serves a diverse array of customers, ranging from small enterprises to large corporations, by providing a customizable performance management toolkit that includes performance reviews, goal setting, and feedback.
- The company occupies a competitive space in the HR software industry, directly competing with brands like Lattice and Trakstar.
- PerformYard distinguishes itself through its flexibility and customer-focused support services, offering comprehensive integration with existing HR systems and facilitating a user-friendly experience.
- The company plans to use recent investments to further enhance its product offerings and capture new market segments.
PerformYard LinkedIn
With a robust presence on LinkedIn, PerformYard leverages the platform to connect with professionals and potential clients globally. The company frequently updates its followers on product innovations, industry insights, and career opportunities, strengthening its position as a thought leader in performance management.
PerformYard Reviews
PerformYard consistently receives positive reviews for its ease of use and effective customer support. Users highlight its comprehensive functionality and seamless integration with existing workflows, making it a favored choice among HR professionals seeking reliable and efficient performance management solutions.
Conclusion
PerformYard's rise in the HR software landscape underscores its commitment to innovative solutions that meet the evolving needs of modern organizations. With substantial financial backing and strategic growth initiatives, PerformYard is well-positioned to expand its influence and continue enhancing employee performance management processes worldwide.