Latest news with #ParkerConrad
TechCrunch
8 hours ago
- Business
- TechCrunch
Now Deel is accusing Rippling of spying by ‘impersonating' a customer
HR tech startup Deel filed an amended complaint on Tuesday in its ongoing legal battle against its arch rival Rippling that offers surprising new details about its own corporate spying allegations. Rippling sued Deel in March after a Rippling employee testified in an Irish court that he was spying on his employer for the rival in an affidavit that reads like a Hollywood movie. Rippling's lawsuit alleges misappropriation of trade secrets, tortious interference, unfair competition, and more, largely based on the spying allegations. Deel has since countersued, attempting to get the suit dismissed for technical reasons, but also making its own allegations like that that Rippling has also been spying. This amended complaint offers more details on what Deel means by that. Specifically, it alleges that one of Rippling's employees, who holds the job title of Competitive Intelligence 'spent six months impersonating a legitimate Deel customer to gain unauthorized access to Deel's systems to meticulously analyze, record, and copy Deel's global products and the way Deel does business for Rippling's own benefit and use.' The lawsuit is also full of insults hurled at Rippling's CEO Parker Conrad and his troubles at his previous company, Zenefits. At times, the complaint ventures into psychoanalysis territory. 'To understand Conrad is to understand Rippling,' the suit claims. It then goes on to speculate that Rippling has targeted Deel because Conrad is angry at Zenefits' VC backer Andreessen Horowitz: 'Sadly, it is now apparent that Conrad has made it his life's goal to exact misguided and petty revenge on those connected with Andreessen, including Deel, in which Andreessen owns a 20% share.' And the complaint alleges that 'Rippling has planted false and misleading claims about Deel in the press and with regulators across the country.' Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW This appears to stem from 2023, when U.S. Senator Adam Schiff posted a public letter asking the U.S. Department of Labor to look into how Deel was classifying workers. This after Business Insider published an investigation on the matter. Deel denied wrongdoing at the time and said a discussion with Schiff put the matter to bed. The amended complaint also provides at least one financial tidbit; Deel says it has been profitable for years and is generating over $1 billion in annual revenue. A spokesperson for Rippling says that the company is looking into the specific allegations of how the employee gathered product intelligence as described in the complaint. The spokesperson tells us that 'Rippling is unwavering in our commitment to fair competition and the highest ethical standards. We expect full compliance as described clearly in our written policies.' The spokesperson also alleges that the revised complaint 'backtracks' from some of the assertions in the original, including removing wording that implied Rippling had somehow obtained access to Deel's board-level information. While the lawsuit is an entertaining read (here's a link to it) about the level of a typical Bravo network reality TV show, Deel appears to be attempting to make a tit-for-tat case about corporate spying. But the two sets of allegations are not about the same thing. Rippling is accusing Deel of paying an employee to gather information from Rippling's internal network. The employee, who confessed to spying, has testified that he gave Deel information that included sales leads, product roadmaps, customer accounts, names of superstar employees, and whatever else was asked for. Deel is accusing Rippling of unfairly learning about its product and features from the product itself as well as the information it gives to its customers. Competitors have been buying each other's products as a way to keep tabs, one-up and sell against each other since the beginning of time. So it will be interesting to see how the courts handle Deel's lawsuit – if they rule that such tactics can go too far. In the meantime, Rippling's alleged catching of the corporate spy – which involved a trap, a smashed phone, and a honeypot – has already slipped into the tech industry's cultural lexicon. When Y Combinator grad Cotool launched an agentic security platform last month that, among other things, sets up honeypots, its ad was a spoof on how Rippling's corporate spy said he was caught.
Entrepreneur
20-05-2025
- Business
- Entrepreneur
Rippling Doubles Down on India with Second Office in Bengaluru
Rippling, which currently employs around 1,000 people in India, aims to double its local workforce to 2,000 over the next three years. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Global HRtech major Rippling has expanded its footprint in India by opening a second office in Bengaluru, underscoring the country's strategic importance to the company's growth. The move comes on the heels of its massive USD 450 million Series G funding round, which pegged its valuation at USD 16.8 billion. The new 100,000-square-foot facility, located at Embassy Tech Village, will house engineering, product, sales, and customer support teams. Rippling, which currently employs around 1,000 people in India, aims to double its local workforce to 2,000 over the next three years. "Bangalore has always been a superpower for Rippling," said Matt MacInnis, Chief Operating Officer. "We grew from 450 employees last year to over 1,000 today, and we're continuing to scale rapidly. We take on some of our most important product work here, and we intend to keep expanding the autonomy and scope of this team." Founded in 2016 by Parker Conrad and Indian-origin entrepreneur Prasanna Shankar, Rippling offers an all-in-one platform that integrates HR, IT, and finance functions—streamlining operations like payroll, expenses, benefits, and device management. The company supports over 20,000 customers and boasts a growing portfolio of more than 20 products. Rippling has been steadily deepening its India presence since launching here in 2017. It has onboarded over 20 former founders and entrepreneurs, including Ajay Chandra, former co-founder of Infibeam, and Nimish Bhonsale, ex-co-founder of Elda Health. In 2024, the company appointed former Walmart executive Mrinal Chatterjee as its Country Head. With annual recurring revenue surpassing USD 100 million, Rippling is betting big on India not just as a talent hub but as a key driver of innovation and global product development. The company's robust investor lineup includes Y Combinator, Sands Capital, GIC, Goldman Sachs Growth, Coatue, Greenoaks, Founders Fund, Elad Gil, and Dragoneer—signaling strong confidence in Rippling's vision to redefine workforce management worldwide.
The Star
13-05-2025
- Business
- The Star
Parker Conrad's Rippling fortune crosses US$2bil
Parker Conrad. Photographer: Betty Laura Zapata/Bloomberg NEW YORK: Rippling, a human resources and payroll startup, has raised US$450mil at a valuation of US$16.8bil, a deal that brings the value of the stake of its leader, Parker Conrad, to about US$2.3bil, according to the Bloomberg Billionaires Index. The new funding, which Bloomberg previously reported, was officially announced last Friday. Conrad, who co-founded Rippling in 2016, owns about 14% of the company, according to Bloomberg calculations based on a government filing. Rippling declined to comment on Conrad's stake or networth. The round solidifies a Silicon Valley comeback story for Conrad, who was pressured to resign from his company Zenefits in 2016 amid a scandal over regulatory compliance. The company settled with the Securities and Exchange Commission without admitting wrongdoing in 2017. The same year he left Zenefits, Conrad started Rippling, now one of the country's largest startups by valuation. Rippling, formally called People Center Inc, is also in the news for another reason: a high-drama legal battle with its arch rival, Human Resources startup Deel Inc, which it has accused of corporate espionage. — Bloomberg Trading ideas: Perak Transit, Eco-Shop, Sapura Energy, Yoong Onn, Muhibaah, HeiTech Padu, Dnex, Pentamaster, CJ Century, 3REN, ES, ManagePay, Wesrports, Sentral REIT
Bloomberg
10-05-2025
- Business
- Bloomberg
Parker Conrad's Rippling Fortune Crosses $2 Billion With New Funding
Rippling, a human resources and payroll startup, has raised $450 million at a valuation of $16.8 billion — a deal that brings the value of the stake of its leader, Parker Conrad, to about $2.3 billion, according to the Bloomberg Billionaires Index. The new funding, which Bloomberg previously reported, was officially announced on Friday. Conrad, who co-founded Rippling in 2016, owns about 14% of the company, according to Bloomberg calculations based on a government filing. Rippling declined to comment on Conrad's stake or net worth.
TechCrunch
09-05-2025
- Business
- TechCrunch
Rippling raises $450M at a $16.8B valuation, reveals YC is a customer
HR tech startup Rippling has raised a $450 million Series G round at a $16.8 billion valuation, the company confirmed to TechCrunch. It is also conducting a $200 million tender offer to give current and former employees some liquidity. The equity raise marks a big jump in valuation from a year ago. In April 2024, Rippling was valued at $13.4 billion when it raised a $200 million Series F round led by Coatue and a $590 million tender offer, with $200 million available for employees. (The other $390 million was available for seed and other investors.) The latest financing, which Bloomberg reported was in the works last month, includes participation from a group of new and existing investors. New backers include Sands Capital, GIC, Goldman Sachs Growth, and Baillie Gifford. Existing investors such as Elad Gil, Y Combinator, and others also participated. Rippling is one of Y Combinator's many breakout success stories. It graduated from the winter 2017 cohort and YC apparently became a client of Rippling's earlier this year. In a new case study, YC also touted Rippling's offering as the HR 'tool of choice' for 'all of the accelerator's founders. (Rippling even now has a special 'Founder Mode' offer of discounted services for YC-funded companies.) Interestingly, Rippling CEO and co-founder Parker Conrad earlier this week shared more information about his company's new Startup Stack, which appears to be a push to work with earlier-stage companies. In a LinkedIn post, the company said it already works with over 15,000 startups, including Cursor (Anysphere), Clay, and Sierra. The company appears to aggressively market the new stack, offering startups 'six months of Rippling free.' The increase in marketing and capital raise come amidst a lawsuit Rippling has filed against rival Deel for allegedly hiring an employee to spy on its internal trade secrets. Deel is also a Y Combinator grad (winter 2019) and filed a countersuit against Rippling in April, denying those allegations and making a few of its own. With this latest capital injection, Rippling has now raised $1.85 billion. It has over 20,000 customers and more than 4,000 employees. Other investors include Kleiner Perkins, Greenoaks Capital, and Founders Fund. The company recently reached $570 million in annualized revenue, according to sources who spoke to The Information. Founded in 2016, Rippling has evolved its offering over time and now has two dozen products, including payroll and benefits, SSO and identity management, bill pay, and corporate cards. The new capital will help it accelerate its expansion into new markets, 'enhance' existing products, and support the development of new products.
