HR unicorn Deel acquires people development platform Zavvy for around $20 million
HR unicorn Deel acquires people development platform Zavvy for around $20 million
The German startup’s embedded AI technology makes suggestions for managers to assess team performance and create personalized career development plans
Global payroll and HR company Deel announced on Wednesday that it has acquired German-based people enablement platform Zavvy. All of Zavvy’s team members are joining Deel. The value of the deal was not disclosed, but is estimated to be around $20 million.
Founded in 2021 by Mehmet Yilmaz and Joshua Cornelius, Munich-based Zavvy is a people-enablement platform. It offers a central hub that covers career development, performance management, and training programs. One of Zavvy’s big differentiators is its embedded AI technology that makes suggestions for managers to assess team performance and create personalized career development plans. Zavvy counts Moss, Primer, LoveBonito, TypeForm, and more as customers.
These capabilities will be integrated into a new product suite called Deel Engage and will cost $20 per user per month.
Deel also announced that it is making Deel HR - previously free for up to 200 users - free for any size company.
“Deel is all about helping companies get the best out of their global teams, and Zavvy’s AI technology is at the forefront of people management and talent development,” said Deel co-founder and CEO Alex Bouaziz. “It’s a perfect fit - our customers are looking for a one-stop-shop for all things HR, and Zavvy’s people management tools now fill in that missing piece of our global HR offering.”
Deel revealed a year ago that it hit $295 million in annual recurring revenue (ARR) at a $12 billion valuation, up from just $57 million ARR a year earlier.
