There is a continued narrative around an upcoming IPO that does not feel grounded in current market realities, especially given broader trends where even much larger, much more established companies are holding off. Stop saying it is coming...it's likely not for a very long time if ever.
The product was USED TO BE highly differentiated, but the HRIS space has become much more competitive and many alternatives now offer similar or better capabilities. In the U.S. market specifically, some of the company’s core messaging around culture and DEI does not resonate as strongly with buyers as it may have in the past. Things have shifted here and companies are not focused on this anymore.
Payroll was highly anticipated but has not met expectations, and its limited adoption has made it harder to position as a strength in sales cycles. Even HiBob doesn't use it's own payroll to pay our employees.
From a go-to-market perspective, there are challenges in selling upmarket. The brand and product positioning is not aligned with enterprise expectations, which creates additional friction in longer, more complex sales cycles.
Leadership tends to stay optimistic about these dynamics but could benefit from more direct acknowledgment of market feedback and competitive realities. It's not working in the US at all. It never really has.
