ServiceNow invests $5Mn in Oyster, boosting global employment platform
CALIFORNIA, UNITED STATES — ServiceNow Ventures, the investment arm of the cloud computing company ServiceNow, has invested $5 million in Oyster, a company specializing in global employment solutions.
This investment is part of Oyster’s recent capital influx from its Series D funding round, which valued the company at $1.2 billion. ServiceNow’s contribution has pushed Oyster’s total funding to an impressive $291 million.
ServiceNow’s strategic investment on Oyster
ServiceNow, which ended 2023 with $8.971 billion in total revenues and achieved a milestone of becoming a $10 billion revenue run-rate company, sees potential in Oyster’s approach to simplifying global employment.
“Oyster’s strategy to build the infrastructure and intelligence required to make global hiring as easy and scalable as local hiring, coupled with an intent focus on the customer, gives us confidence in their ability to transform the hiring process and deliver great experiences for employees,” said Victor Chang, VP of ServiceNow Ventures.
Earlier in September, we shared the news of our #SeriesD fundraise with our customers, partners, and friends. Today we’re equally as excited to announce that our Series D raise has grown, with additional financing from ServiceNow Ventures 🎉
We are grateful to ServiceNow… pic.twitter.com/OjU90B5a7a
— Oyster® (@HeyOyster) November 12, 2024
Oyster’s market position as global employment platform
Oyster’s platform operates in over 180 countries, providing comprehensive employment services, including hiring, payroll processing, and compliance management. The company specializes in helping businesses hire international talent without establishing local entities, handling everything from employment contracts to benefits administration.
Tony Jamous, Oyster’s co-founder and CEO, highlighted the significance of the investment: “Their investment strengthens our position as a trusted provider and gives us ample resources to scale effectively while bringing innovative solutions to our customers.”
Growth and industry impact of ServiceNow’s investment
The funding from ServiceNow Ventures comes at a critical time as Oyster continues to enhance its platform to support cross-border hiring processes. This investment reflects a broader trend of interest from enterprise software leaders, including HR Tech Investments, LinkedIn, Okta, PayPal Ventures, Salesforce Ventures, and others, in Oyster’s innovative approach to global employment.
As companies increasingly look to build international teams, Oyster’s platform provides a unified solution that consolidates tools and insights needed for a sustainable global employment strategy.
With this new funding, Oyster plans to further its development and continue its mission of empowering companies to harness the potential of global talent efficiently and ethically.
