CIBC Innovation Banking provides €17 million to HR software provider VEDA

CIBC Innovation Banking announced today that it has provided a €17 million financing package to VEDA, an HR software and payroll-as-a-service provider based in Alsdorf, Germany. VEDA will use the funding primarily to extend its market share in the DACH (Germany, Austria and Switzerland) region, and expand into other international markets.

VEDA is an industry leader in HR tech, with a large portfolio of mid-market companies. By providing an all-in-one platform for services such as payroll, recruitment, personnel development and learning management, VEDA improves efficiency and reduces administrative input for its 1,200 customers.

VEDA was recently acquired by global alternative investment firm Investcorp. VEDA will use the funding from CIBC Innovation Banking to develop its buy-and-build strategy, prioritising payroll software companies and payroll services. It will also explore new international markets such as Benelux, the UK and the Nordics.

Dr. Ralf Gräßler, CEO of VEDA, said: “The pandemic changed the game for HR departments, stretching teams of professionals to the limit as they dealt with remote working and talent shortages. VEDA’s technology provides relief by offering a whole HR platform and the option to outsource certain services. The financing from CIBC Innovation Banking will support us in our buy-and-build strategy as we expand into current markets and explore new ones. We are excited to work with CIBC Innovation Banking as we start this new era of growth.”

Sean Duffy, Managing Director at CIBC Innovation Banking, said: “We are delighted to be supporting VEDA in their next stage of growth, as they expand their market share, and explore new markets. Our funding has enabled VEDA, as part of the Mittelstand, to explore new avenues for growth and we look forward to supporting this.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

About VEDA

For more than 4 decades VEDA has been developing software solutions for the digitalization of the entire employee life cycle. Digital HR management includes solutions for recruiting, onboarding, personnel management, talent management, learning & development, payroll, workforce scheduling and time & security.

Headquartered in Germany the company has around 170 employees and around 1,200 customers. In 2023, VEDA achieved a turnover of around 20 million euros.