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Classified in: Science and technology
Subject: Funding

Vault Verify Announces Significant Growth Investment From PSG

Vault Verify, a human capital management platform that allows HR departments to automate employee verification through API integrations, today announced a significant growth investment from PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies. The investment represents Vault Verify's first institutional capital and aims to help accelerate the company's investment in product innovation to help HR departments be more efficient and secure. PSG's Adam Marcus, Managing Director, and Govind Anand, Principal, will join Vault Verify's Board of Directors, along with Brian Kelly, Senior Advisor at PSG, who will join the Board as Chairman. Financial terms were not disclosed.

Founded in 2013, Vault Verify is led by industry veterans with extensive expertise in HR technology. Vault Verify has grown revenue rapidly over the last several years as leading companies have adopted the platform's income and employment verification solution to automate tedious, non-value-add HR tasks. Vault Verify's proprietary API and software technology integrates with leading HR systems and pulls data records in real-time to automate the entire employment and income verification process, thereby reducing human involvement. Vault Verify aims to create a better and more seamless experience for all stakeholders.

Vault Verify's API-driven verification model has meaningfully improved data security by completely removing the need for mass storage of employee data outside of an organization's data infrastructure and instead securely pulls individual data records in real-time. Today, the company integrates with numerous leading HCM platforms and plans to further build out its partnership ecosystem. With PSG's investment, Vault Verify aims to continue the expansion of its customer base, which includes its plan of targeting many cyber security-conscious Fortune 500 companies.

"We're proud to partner with our clients to deliver a solution that we believe alleviates significant burden from HR teams tasked with facilitating time-consuming verification processes," said Phillip Luizzo, CEO and COO of Vault Verify. "We're thrilled to have PSG's support as we aim to continue our growth and give valuable time back to HR professionals so they can focus on strategic initiatives within their organizations."

Vault Verify's platform implementation and ongoing service is completely free for HR departments, and the verifier community pays nominal administrative fees to get the records they need.

"We believe that Vault Verify solves a critical pain point felt by employers across industries and is becoming a partner of choice for payroll vendors due to their seamless integrations and robust data security," said Adam Marcus, Managing Director at PSG. "We look forward to working with Phil, Bill and the rest of the experienced Vault Verify management team as they look to accelerate their go-to-market strategy and further develop market leading products."

About Vault Verify

Vault Verify is a growth stage HR technology company, founded in 2013 and based in Florida. Vault Verify works with hundreds of enterprise clients to remove labor burden by automating verifications of employment and income and the I-9 process. Over the last three years, Vault Verify has more than tripled revenue. To learn more visit https://vaultverify.com/.

About PSG

PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 80 companies and facilitated over 325 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.

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News published on 19 august 2021 at 08:50 and distributed by: