Avanti Software secures $25 million to fully embrace cloud-only payroll and HR tech
Summary
Lalani declined to disclose the exact amount or who sold shares, but emphasized it was “a miniscule piece of the pie.” Avanti provides cloud-based human capital management (HCM) software to Canadian companies like Home Hardware, Princess Auto, and Porter Airlines. Through its software, Avanti aims to help Canadian businesses manage growing workforces, geographic dispersion, different worker types, pay practices, union agreements, and benefit plans. Since then, Lalani and Cord have been running the longstanding company more like a startup, reinvesting its profits back into the business, building out Avanti’s sales and marketing and product and engineering teams, and speeding up its cloud transition. RELATED: Calgary broke its venture funding record in 2021 as deal volume almost doubles Now, armed with $25 million in fresh financing, Avanti aims to build on that growth and capture more of the mid-market, which Cord told BetaKit has “quite a lot of challenging and complex pain points” with regard to payroll and HR tech. Avanti plans to use the funding to grow its engineering and product teams, expand its platform, and “complete the transformation of its on-premise software to a best-in-class HCM solution.” “The client base was 20 percent cloud when we acquired the business,” said Lalani.
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