Drake Star released the "Global HR Technology Report for the Fourth Quarter of 2024". 2024 shows strong market traction in the human resources technology industry, with billions of dollars in investment in more than 800 deals to date. The adoption of artificial intelligence is growing rapidly and is one of several key trends driving growth in the industry. Report highlights include: 800+ HR tech deals and $7.2 billion in investment equity (disclosed value) completed since 2024. In the third quarter of 2024, there were 40 M&A transactions in the industry, 37% of which took place in Europe. There were 179 private equity transactions in the same period. Artificial intelligence to support HR-related activities is rapidly gaining momentum. 25% of companies have already implemented AI to support HR-related activities; 75% have not yet done so, indicating that there is huge potential for vendors in this area. The main use cases of artificial intelligence include recruitment, interviewing, handling administrative and recruitment tasks, personalized training and development plans, and performance management. 64% of companies use AI for recruitment, interviewing or recruitment, deploying AI to handle management and recruitment work. 43% of companies use AI for learning and development, using AI to create personalized training programs and employee development programs. 25% of companies use AI in performance management to help manage employees, provide comprehensive feedback, set employee performance goals, etc. The five PE-backed integrators are VISMA, access, IRIS, UKG and radancy. The five major public integrators: Dayforce, Workday, ADP, Paycor and Paylocity. A number of notable HR tech M&A transactions were highlighted in the report, including Empion’s acquisition of Zalvus, ZipRecruiter’s acquisition of Breakroom, and Drake Star’s advice on GFOS’s substantial recapitalization with the Riverside Company.
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