Phenom Acquires Tydy to Enhance HR Tech Offerings
In a significant move signaling continued global growth, HR tech firm Phenom has announced the acquisition of Tydy, a human resources technology startup specializing in pre-boarding and onboarding new employees.
Hyderabad: In a significant move signaling continued global growth, HR tech firm Phenom has announced the acquisition of Tydy, a human resources technology startup specializing in pre-boarding and onboarding new employees.
The announcement was made during a media conference held at the Hotel Taj Deccan in Hyderabad on Tuesday, attended by key executives from both companies.
Sivanand Akella, Senior Vice President of Engineering at Phenom, alongside Srinivas Pindi, Vice President of HR & TA at Phenom, and Tydy’s CEO & Co-founder Kiran Menon and CTO & Co-founder Nikhil Gurjer, addressed the media, highlighting the strategic importance of the acquisition.
The move is expected to bolster Phenom’s mission to streamline the employee onboarding process and enhance productivity from the moment of hire.
Phenom, known for its comprehensive HR-tech platform that spans the employee lifecycle from hire to retire, has been on an acquisition spree. This acquisition marks Phenom’s fifth and reinforces its commitment to improving HR processes for professionals and employers alike.
“This acquisition is a key milestone in our journey to create seamless onboarding experiences,” said Akella. “We are excited to integrate Tydy’s innovative solutions into our platform.”
The merger will see Tydy’s team, including co-founders Kiran Menon, Nikhil Gurjer, and Gaurabh Mathure, transition to Phenom. The combined expertise is expected to drive further innovation and efficiency in HR technology.
Phenom, which was valued at $1.4 billion in 2021 following a $100 million Series-D funding round, has raised a total of $166 million through various funding rounds. The company plans to scale its operations significantly, with a particular focus on its development centers in India.
Akella announced that Phenom will hire an additional 1,000 engineers over the next year, bringing the total engineering team to 2,600, with a substantial portion based in Hyderabad.
“Our Hyderabad center is our largest, housing over 900 employees,” Akella noted. “This expansion will support our growing global client base and accelerate our product development efforts.”
The acquisition of Tydy is set to enhance Phenom’s capabilities in providing a unified and efficient pre-boarding and onboarding experience, aligning with its vision of making every interaction between candidates, employees, and employers meaningful and productive.
