Investment banking firm Goldman Sachs supplied $35m in funding today to Beqom, a Switzerland-based employee compensation software producer backed by telecommunications company Swisscom.
Beqom has built a cloud-based platform that enables managers to supervise the performance and compensation of all their employees from a single place. It manages salary reviews, bonuses, commissions, benefits, long-term incentives and non-financial motivation schemes.
Swisscom’s corporate venturing unit, Swisscom Ventures, joined pension investment fund Renaissance PME to invest an undisclosed sum in Beqom in 2014, after the company had previously raised funding from investors including Isatis Capital and Access2Net.
Fabio Ronga, chief executive of Beqom, said: “With this foundation, made of a unique solution, well-known loyal customers and a strong employee culture, it is time for us to tell all the large enterprises worldwide what we can do for them and their employees.
“While this will translate into an acceleration of growth, it requires investments that we could not self-finance.”
The bank made the investment through Goldman Sachs Private Capital Investing, the growth equity vehicle through which it provides between $20m and $150m to companies per deal.