US-based human resource technology firm Phenom People Inc said Thursday it has acquired talent management platform EDGE to bolster its workforce intelligence platform as it banks on growing demand for technology adoption in HR functions.
Philadelphia-based Phenom, which is backed by Indian private equity firm WestBridge Capital, said the acquisition of the Bengaluru-based startup marks its sixth acquisition till date and the second acquisition in less than eight months.
It didn't disclose the financial terms of the transaction.
The deal will strengthen Phenom's workforce intelligence solutions for the professional services industry and global capability centres (GCCs) by bringing advanced resource planning capabilities to its "Intelligent Talent Experience" platform, it said in a statement.
AVR EDGE Networks Pvt. Ltd, which operates EDGE, was founded in 2010 by Arjun Pratap. It uses AI and data science to solve hiring and workforce optimisation challenges faced by large and mid-sized organisations.
According to VCCEdge, EDGE has raised two rounds of funding. In 2013, National Skill Development Corporation invested $1.1 million. It also raised $4.5 million in a Series A round led by Kalaari Capital in 2017.
Phenom received WestBridge's backing in 2020 when it raised $30 million in a Series C round of investment led by the homegrown PE player, with participation from US-based investment firm AllianceBernstein. A year later, it secured $100 million in a Series D funding round led by American investor B Capital Group.
Phenom plans to double its workforce in the next two years across its offices in Hyderabad, Vishakhapatnam, and Bengaluru. The company also aims to add more locations across the country, it said.
“Intelligence and automation empower HR teams to provide phenomenal employee experiences at scale, and the EDGE acquisition adds tremendous value to better serve professional service companies and global capability centers,” said Mahe Bayireddi, CEO and co-founder of Phenom.