Phenom targets the ‘onboarding problem’ with Tydy acquisition

Talent experience platform provider Phenom has announced its latest acquisition, as consolidation in the HR technology space continues apace.

Following deals for German companies Tandemploy and Talentcube (2022 and 2021 respectively), Phenom’s latest acquisition is for Employee Data Platform (EDP) provider, Tydy.

Financial details of the deal were not disclosed.

Under the terms of the deal, Tydy’s team will transition to Phenom, including co-founders Kiran Menon, Nikhil Gurjer, and Gaurabh Mathure.

The acquisition is aimed squarely at aligning the candidate and employee experience through a single platform from “job discovery until the moment an employee is offboarded from an organization”.

Tydy’s solution will be fully integrated into Phenom’s Intelligent Talent experience platform to streamline preboarding and onboarding processes for hiring managers.

Commenting on the deal, Phenom CEO Mahe Bayireddi tells UNLEASH that the deal was prompted by its clients asking for help in solving preboarding and onboarding processes.

“We knew we needed to expand our Intelligent Talent Experience platform so they could make onboarding a phenomenal experience for everyone,” he says.

A 'pivotal moment' for onboarding

Preboarding and onboarding have historically been conducted across disparate platforms and systems, meaning errors in data transfer can disrupt employee experience before they have even started with a new employer.

Bayireddi comments that onboarding is now at a “pivotal moment” in the talent journey in terms of how talent leaders can set candidates up for success as employees.

"It’s when first impressions are made, and each interaction has the potential to create a lasting impact,” he tells UNLEASH.

“Companies lose millions of dollars each year in failed or miserable onboarding processes and new employees will fail to realize their true potential if they’re not set up to be productive from day one.”

David Wilson, CEO of Fosway Group, commented that the acquisition of Tydy represents a “natural progression” for Phenom.

“Consolidation is continuing to accelerate in the HR tech industry, and this acquisition is a testament to Phenom’s continued success and growth, as well as its focus on providing a seamless end-to-end experience for customers,” he said.

Bayireddi adds that Phenom has a “healthy strategy” concerning acquisitions and will “continued to put ourselves in a position for future opportunities” in terms of meeting its criteria across technology, talent, location and culture.

“Our acquisition strategy is balanced with organic growth,” he tells UNLEASH.

“Tydy is our fifth acquisition, and a testament to Phenom’s commitment to solving HR’s biggest challenges.

“No one has combined AI, automation, integration and experience for onboarding — and with this acquisition, that’s what Phenom is going to deliver to the market. It’s a major differentiator.”