HRSoft Achieves Record Growth for Compensation Lifecycle Management Software in 1H 2023, Forecasts Accelerating Triple-Digit Growth in FY 2023

DENVER, Aug. 23, 2023 /PRNewswire/ -- HRSoft, the leading provider of cutting-edge Compensation Management solutions, announces record-breaking results in the first half of 2023 and building conviction in its trajectory for the foreseeable future. Catalyzed by HRSoft's best-in-class platform specifically built for managing complex compensation, the company has realized new bookings growth of 186% YoY, through the first six months of the year; importantly, the company completed its strategic add-on acquisition of CompTrak in Q2.

The company is well positioned for exponential scale driven by the strategic investments made over the past year in headcount and product innovation, coupled with the escalating global demand for enterprises to elevate their competitive edge through strategic compensation practices.

Q2 HRSoft Highlights:

• Record ARR growth (organic and inorganic) in 1H 2023, represents a 198% increase YoY
• Reached 100+% net retention
• Launched an advanced analytics platform engineered to offer unparalleled insights into compensation management and pay-for-performance initiatives
• Relocated corporate headquarters to Denver, CO, and added a second international office in Toronto, Canada
• Increased team headcount by 50% focused on ramping Engineering, Professional Services, and Sales
• Further solidified position as the global leader in compensation lifecycle management with the strategic acquisition of CompTrak

"I'm extremely pleased with our exceptional financial results and outperforming our operational and budgetary objectives across all facets of the business in the first half of 2023," affirms Joe Poxson, CEO HRSoft. He further adds, "I am confident that our growth and value creation will continue to build as we hit additional targeted milestones in 2H 2023 and looking forward into FY 2024."

About HRSoft
HRSoft is the pioneering force in compensation lifecycle management software, offering an unmatched portfolio of compensation-focused solutions designed to simplify and optimize intricate compensation management. With a steadfast commitment to innovation, HRSoft empowers organizations to leverage advanced technologies that drive performance and enhance their competitive advantage. Learn more at www.hrsoft.com or follow the Company on LinkedIn.

Press contact:
Name Abby Sandbach
Phone 720.341.6354
Email abby.sandbach@hrsoft.com

SOURCE HRSoft