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Zenwork to Expand Workforce

2 min read

Software firm Zenwork of Fayetteville will use part of the $163 million investment it received last month from Spectrum Equity of Boston and San Francisco to fuel a hiring spree.

Co-founder and CEO Sanjeev Singh told Arkansas Business last week that the company he and his wife, Rekha, founded in 2011 already employs about 92 people. The plan is to bring that number to 150 by the end of next year, he said.

The company will also use the investment to build out product features and its online platform, Singh said. Zenwork provides digital tax compliance and regulatory reporting software under the brands Tax1099 and Compliancely.

The $163 million is the company’s first outside investment. It has been in talks with Spectrum since 2018, Singh said.

He said the timing was right for Zenwork to take in outside capital because COVID-19 accelerated the digital transformation trend, especially in the banking industry, and boosted the gig economy. Any time people move from working full time to contracting, a company can make use of Zenwork’s offerings, Singh said.

“We have seen a tremendous amount of growth post-pandemic,” he said. “We felt that this particular digital transformation will continue for the next, at least, five to 10 years. … So we decided to take the money, for achieving the next scale for our business, keeping in mind all the digital transformation and adoption that we’re seeing now.”

Singh said Zenwork’s 10,000-strong customer base includes Fortune 100 companies, and many find it via a search engine. He declined to disclose the firm’s revenue.

“The way it works is people know what they need when they land on our product or services. They find it a great fit,” Singh said.

“The product is not just a product. It’s a platform that does many, many things. So people find this quite interesting, right? From onboarding to customer reporting to issuing documents, everything can be done in a single platform.”

Zenwork’s business model has customers subscribe and pay $2-$50 for each feature they need, Singh said.

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