Alex Bouaziz, the CEO and co-founder of Deel, a leading human resources software company, recently revealed at the 2022 Collision conference in Toronto, Canada, that his firm has achieved an impressive annual revenue run rate of $800 million. The company is now preparing for an initial public offering (IPO) which could happen as early as next year.

Deel has revolutionized the way companies hire, pay and manage their remote employees, making the process more streamlined and efficient. The company reported a significant 70% increase in revenue in December, year-on-year, helping it reach this financial milestone. The revenue run rate is a standard method used to predict a company’s annual revenue based on its current monthly performance.

In addition to this financial success, Deel added two major shareholders to its capitalization table following a secondary share sale worth $300 million conducted last year. Among the new investors are General Catalyst and Mubadala Investment Company, the sovereign wealth fund of Abu Dhabi, sources revealed to CNBC.

Deel’s valuation soared to $12 billion in 2022 and following the secondary share sale, the company’s valuation increased further to $12.6 billion. In an interview with CNBC, Bouaziz stated that Deel is strengthening its financial audits, compliance processes and infrastructure to ensure a successful IPO.

Bouaziz shared his vision for a future IPO, stating that it could boost the company’s brand recognition in the HR and payroll software market. He reiterated that despite its significant growth, Deel is not under any pressure from its investors to go public. The company employs around 5,000 people worldwide.

Deel, founded in 2019, is an HR platform that assists businesses with onboarding, compliance, performance management, payroll and immigration support. Its services became increasingly popular during the Covid-19 pandemic when remote hiring became the norm.

Despite these achievements, Deel is currently dealing with litigation alleging that it facilitated money laundering transactions. The company dismissed these claims as “baseless allegations, gross inaccuracies, conjecture, and downright falsehoods.” Bouaziz expressed confidence in Deel’s ability to successfully dismiss the lawsuit.