LINDON, Utah, Sept. 17, 2020 /PRNewswire/ -- BambooHR, the industry's leading cloud-hosted software provider dedicated to powering the strategic evolution of human resources, has been named to the Forbes 200 Cloud 100, the definitive ranking of the top 100 private cloud companies in the world, published by Forbes in partnership Bessemer Venture Partners and Salesforce Ventures. BambooHR was first listed on the Cloud 100 in 2019.
"We're honored to be recognized by Forbes among the best cloud companies today. This recognition is evidence of our team's hard work and continued product innovation as we give our customers the tools to put employee experience at the forefront of their organizations," said Brad Rencher, CEO of BambooHR. "Our 19,000 customers use our platform to create more meaningful and positive experiences, achieve better overall results, and set people free to do great work."
As part of the rigorous selection process for the Forbes 2020 Cloud 100, Bessemer Venture Partners received submissions from hundreds of cloud startups. The Cloud 100 Judging Panel, made up of public cloud company CEOs, reviewed the data to select, score, and rank the top 100 private cloud companies from all over the world. The evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%).
"The private cloud ecosystem continues to mature in light of rapid digital transformations, making the competition to land one of the coveted spots on the Cloud 100 list steeper than ever," said Byron Deeter, a top cloud investor, and partner at Bessemer Venture Partners. "Private cloud valuations are getting bigger as the market's appetite for cloud continues to grow. Over the past five years, the average Cloud 100 valuation has grown by a tremendous 2.5x, from $1 billion in 2016 to $2.7 billion in 2020. In fact, our 2020 Cloud 100 includes over 87 private cloud unicorns! These founders represent the absolute best in cloud computing today, and they will most certainly follow in the footsteps of our esteemed Cloud 100 alumni. More than a third of the companies of the Cloud 100 have exited either via strategic M&A, financial M&A or Initial Public Offering. Congratulations to these cloud leaders!"
"In the face of this unprecedented time, digital is an urgent imperative, and the pace of innovation is accelerating. Companies around the globe, across all industries must adopt cloud technologies to enable their digital transformation," said Matt Garratt, Managing Partner, Salesforce Ventures. "The opportunity is massive for the cloud -- there are now more than 25 public SaaS companies valued at over $10 billion whereas even five years ago there were only three. Sectors from collaboration and security to retail and healthcare, are being disrupted and becoming more digital. Salesforce Ventures is excited to be partnering with Bessemer Venture Partners and Forbes for the fifth year in a row to recognize those who are not just predicting what's coming but working to create the future."
"For five years now, we have ranked the best and brightest emerging companies in the cloud sector," said Alex Konrad, Forbes editor of The Cloud 100. "With so many businesses growing fast in the cloud, from data infrastructure to marketing, it's harder than ever to make the Cloud 100 list – but with more elite company if you do. Congratulations to each of the 2020 Cloud 100 honorees and the 20 Rising Stars honorees poised to join their ranks!"
The Forbes 2020 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100 and will appear in the September 2020 issue of Forbes magazine. The Cloud 100 and the 20 Rising Stars companies are publicly recognized at this year's first-ever virtual Cloud 100 with memorable discussions from top cloud CEOs at thecloud100.com on September 16th from 9:00am PT - 12:00pm PT hosted by Bessemer Venture Partners, Salesforce Ventures, and Forbes. A special thank you to our virtual event sponsors Amazon Web Services (AWS), Bank of America, Cooley, FuelxMcKinsey, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nasdaq, Qatalyst Partners, Silicon Valley Bank, Simon-Kucher & Partners, and WisdomTree.
With over 600 employees, 19,000 customers and over a million users worldwide, BambooHR is a leading and innovative platform for Human Resources in the SMB market. BambooHR's software makes it easy for HR professionals to collect, maintain, and analyze data, improve the way they hire talent, onboard new employees, manage compensation, and develop their company culture. It's designed to set organizations free to focus on what matters most—people. BambooHR's clients include innovators like Asana, Foursquare, Stance, and Reddit. BambooHR also hosts more than 30,000 HR professionals at its annual HR Virtual Summit. Recent recognition and awards include the 2019 Forbes Cloud 100, Fortune's Top 50 Workplaces in Technology, a Best Small & Medium Workplace for the third consecutive year, Best Workplaces for Women, and Best Workplace for Millennials by Great Places to Work. To find out more, visit bamboohr.com or follow us on Twitter at @bamboohr. Learn more on LinkedIn, Twitter, Facebook and Instagram.
SOURCE Bamboo HR LLC