Latest news with #Zenefits
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
Axios
25-04-2025
- Business
- Axios
Deel replies to Rippling's espionage allegations
The legal battle between HR software unicorns Deel and Rippling escalated on Friday, with Deel suing Rippling for alleged defamation, libel, and deceptive trade practices. The big picture: This conflict gets more personal with each court filing. Catch up quick: Rippling initially sued Deel last month, essentially claiming that Deel CEO Alex Bouaziz had hired a spy inside of Rippling. That individual, Keith O'Brien, confessed to the caper in an affidavit made public by an Irish court. Deel denied the claims, claiming that they were designed to deflect allegations that Rippling had violated sanctions about payments into Russia. Driving the news: Deel's lawsuit seeks to put a new spin on O'Brien, who informed Irish authorities about Rippling's alleged Russia sanctions violations, but then later said he only did so at Deel's behest. Deel claims that Rippling retaliated against O'Brien, ""traumatizing" him to the point that he lied about Deel in the affidavit. This is purportedly based on contemporaneous emails, although the full contents of those emails aren't shared in the lawsuit. Zoon in: Deel also alleges that Rippling placed an insider within Deel, and solicited other Deel employees to share confidential information. The lawsuit also claims that Rippling isn't tax compliant and defrauds both employees and customers. It also dedicates several pages to past troubles that Rippling CEO Parker Conrad had with his former company, Zenefits. What's at stake: Rippling has raised $1.4 billion from VC firms like Founders Fund and Kleiner Perkins, most recently at a $13.5 billion valuation. Deel has raised around $685 million from firms like Andreessen Horowitz and Spark Capital, most recently at a $12 billion valuation. Rippling's reply: Parker Conrad reacted to the new lawsuit with a series of tweets, arguing that Deel never explicitly disputes that Bouaziz recruited O'Brien to spy.
Axios
17-03-2025
- Business
- Axios
Rippling accuses rival "unicorn" Deel of espionage
Rippling has sued rival payroll and HR unicorn Deel, accusing it of espionage. Why it matters: Each company is valued north of $10 billion by big-name venture capital firms. Zoom in: Rippling alleges in its complaint that Deel planted a mole inside of Rippling's Ireland office, and that it created a fake Slack channel as a "honeypot" to suss out the rogue employee. Rippling adds that the effort was designed by Deel to steal customers, retain customers who were considering a switch, poach employees, and leak information to the media. Rippling is being represented by Alex Spiro, an attorney known for his work with Elon Musk. A Deel spokesperson declined comment, saying the company hadn't yet seen the suit. The bottom line: This one is full of strange bedfellows. Rippling is being represented by Alex Spiro, best known for his legal work with Elon Musk. But Rippling is led by Parker Conrad, who was replaced as CEO of his prior startup, Zenefits, by David Sacks — a Musk confidant and fellow Trump White House advisor who's publicly savaged Conrad (and vice versa). One of Deel's top backers in Andreessen Horowitz, which also has sent several members to Trump's White House and has backed Musk's recent business efforts. Read the lawsuit:
