The month of July opened with news from Oracle and Future Workplace announcing, based on survey of 1320 US based HR leaders and employees, 93% were ready to trust orders from robots but organizations seem to be doing too little in this area. This survey indicates a large gap between what people are using at home and what they are using at work especially with latest technology in AI and robotics.
HR Technology solution providers with innovative solutions to solve real business problems using AI and Robotics can thus benefit from this gap in expectation and reality. One such example is, Leena AI, India based HR Tech company that helps automate employee helpdesk is now funded by Y Combinator and is part of their accelerator program.
In the month of July, an estimated USD 620 Million were invested in various deals across geographies. The industry also saw a continued focus on partnerships and mergers and acquisitions in this period. We mention a few notable deals here:
1. Samara Capital along with partners Goldman Sachs and Janchor Partners formed an investment platform called First Meridian to buy stakes in HR and staffing companies for about USD 51 million. This is an acquisition of the services business and we expect the consolidation to be augmented with acquisition of technology solutions in near future.