We’ve been looking at the HRTech space for a while. It’s an exciting, wide-ranging area that has many interesting subsectors from culture and employee benefits to the section and development of talent. In addition, HRTech is also becoming increasingly important in helping companies improve the way they go about diversity, inclusion, and wellbeing, an area that is of particular importance to Octopus.
When we met Alan Bourne (CEO of Sova) in March 2019 for the first time, we were impressed with his deep domain expertise coupled with his reputation in the sector. We quickly realised that if there was anyone we’d want to back in this area – it would be him. Fast forward 18 months and that’s exactly what we’ve done.
Sova is an end-to-end candidate assessment and talent management SaaS platform. Their core offering, which combines psychometric science, and a compelling digital user experience, has been well positioned during Covid-19. Sova have been helping its customers to streamline and reduce the cost of pre, and post, hire talent assessment processes. Today, the company serves customers across 20 countries and has been growing ARR 100% year on year.
Additionally, there is a strong alignment of values between Sova and Octopus Group. The platform improves the quality and accuracy of hiring decisions and helps eliminate hiring bias enabling organisations to meet their diversity objectives.
Importantly for our team, there was a real opportunity to add value to the management team as they continue their journey from being a consultancy-led organisation into a scalable software business. In preparing for that, Sova has taken the forward-thinking step of completely rebuilding their platform over the past twelve months into a highly scalable solution, ready for the growth journey we are investing in.
We think it’s a really exciting time to be investing in this space, with Covid-19 accelerating the way companies hire and manage talent. We are delighted to be partnering with the existing shareholders in Sova and bringing in some world class board-level support to aid Alan and his team as they build a pioneering software firm.
If any of this has resonated with you, or you’d like to discuss any challenges you’re facing as a SaaS business, please get in contact with us through the link below.