Human resources technology company Beisen filed for an IPO in Hong Kong on January 10, igniting enthusiasm in the software-as-a-service (SaaS) industry.
The Beijing-based company counts several heavyweights as its backers, including Matrix Partners and Sequoia China. Last May, Beisen has raised $260 million in a Series F funding round led by Fidelity International, Goldman Sachs, and SoftBank's Vision Fund.
By offering iTalentX, a cloud-based HR SaaS and talent management platform, Beisen, which was founded in 2002, is the largest HR SaaS provider in China.
According to Beisen, its clients span from the technology, real estate, financial services, and automotive manufacturing industries, and nearly 70% of the Fortune China 500 companies are its clients.
Beisen reportedly employs more than 1,500 people and claims to invest around 25% of its annual revenue back into R&D.
According to the prospectus data, Beisen's operating income has also increased. The company's revenue in 2019, 2020, and 2021 was 382 million yuan, 459 million yuan, and 556 million yuan, respectively.
Due to the outbreak of COVID-19 and the growing need for digital transformation, Chinese companies are accelerating their investment in cloud and artificial intelligence services for human resource management.
According to iResearch, the scale of China's HR SaaS market will continue to expand and is expected to reach 7.07 billion yuan in 2023.