HR tech firm Phenom has acquired Tydy, a human resources technology startup offering pre-boarding and onboarding new employees. Both companies are based in the US with development centres in India.
This is Phenom’s fifth acquisition, and it strengthens the company’s mission to shorten the time it takes for employees to become productive while streamlining the experience for HR professionals and the companies that hire them.
The company, which was valued at $1.4 billion in 2021 when it raised $100 million in a Series-D funding round. It so far raised $166 million in different rounds.
Phenom Co-Founder and CEO Mahe Bayireddi said that the acquisition would enable organisations to ensure their employees are productive from the start. He, however, refused to indicate the size of the deal.
Tydy’s team, including co-founders Kiran Menon, Nikhil Gurjer, and Gaurabh Mathure, will transition to Phenom.
Sivanand Akella, Senior Vice President (Engineering) of Phenom, said the company would hire 1,000 engineers more in the next one year, taking the total to 2,600. The bulk of them would hired for its India operations. Its biggest centre is located in Hyderabad, which houses over 900 employees.
He said the company’s AI platforms to instantaneously cull out relevant information from the resumes, making it easy for applicants and for the companies in the process of applying and finding the right talent.
Kiran Menon, Co-Founder of Tydy, said that the company’s goal has always been to make work flow seamlessly for everyone. Tydy’s technology and workflows will become a key piece of Phenom’s holistic approach to delivering the best hiring, growth, and retention outcomes in the industry.
Founded in 2019 and adopted by companies in more than 30 countries, Tydy connects tools, processes and people to generate workflows that are seamless, efficient, and personalised for each user.
The full extent of Tydy’s EDP (Employee Data Platform) capabilities will be made available directly through Phenom’s platform, affording HR practitioners a common user interface for their talent acquisition, onboarding, and talent management needs.