Namely

Market position

Positioned as an HCM suite for the midmarket rather than for large enterprises, competing with broader HR and payroll providers. Recognition cited by the company includes Forbes' inaugural Cloud 100 list (2016), The Software Report's Top 100 Software Companies of 2021, and a Lighthouse Research & Advisory award for Best SMB-Focused Core HR/Workforce solution (2021). The company reported processing over $10 billion in annual payroll as of March 2018.

Namely emphasizes a single integrated system covering HR, payroll, benefits, time and talent for midsized employers, a consumer-style interface intended for use by all employees rather than only HR administrators, in-house benefits brokerage and compliance guidance, and optional managed services delivered by dedicated support teams.

Technology

A cloud-based HCM platform combining an HR information system with payroll, time tracking, benefits enrollment, talent management and analytics. Features include customizable reporting dashboards (Namely Analytics, launched February 2018), org charts, a social newsfeed, iOS and Android mobile apps (2016), automated onboarding task lists (March 2023), continuous feedback (August 2022), a Slack integration (August 2022), anonymous employee reporting (Tell Us, powered by Mineral, August 2021), and an open API supporting third-party applications.

Go-to-market

Direct sales driven by demo requests from the company website, supported by content marketing and a newsletter, an annual client summit (HR Redefined, held in New York from 2017), and partnerships and integrations with third parties including Cigna, ThinkHR, JazzHR, Equifax's The Work Number, Mineral and Slack. An open API and a partner ecosystem of 50+ integrations extend distribution.

HR teams, executives and employees at small and mid-sized companies in the United States; the company's site cites over 1,200 mid-sized client companies, and Wikipedia cites more than 1,000 clients.

Geography

Headquartered in New York City, with the company founded in Greenpoint, Brooklyn and headquarters relocated to lower Manhattan/New York's Financial District in 2015-2016. Additional office locations include San Francisco, Los Angeles, Atlanta (opened September 2017) and Austin. Benefits brokerage is licensed in all 50 U.S. states.

History

Namely was founded in Greenpoint, Brooklyn on January 17, 2012 and launched in New York City that January. It introduced a talent management module in February 2013, raised a True Ventures-led Series A in June 2013, launched payroll in June 2014 and opened its API in October 2014, followed by a $12M Series B led by Matrix Partners in November 2014. In March 2015 it became a licensed benefits broker in all 50 states, raised a $45M Series C led by Sequoia Capital in June 2015 and moved into new New York headquarters in August 2015. Mobile apps arrived in January 2016 and the Cigna-partnered Namely Exchange benefits marketplace in May 2016. A $50M Series D led by Altimeter and Scale Venture Partners closed in January 2017, alongside the launch of time management; the Atlanta office opened in September 2017 and headcount passed 400 in December 2017. In May 2018 the company fired founder and CEO Matt Straz over conduct described as inconsistent with expectations of Namely leadership; Elisa Steele was appointed CEO in August 2018 as the company raised a $60M growth round led by GGV Capital. Larry Dunivan became CEO in July 2019 with Steele moving to board chair. Subsequent milestones include Managed Benefits and Managed Payroll (February 2020), a partnership with Equifax's The Work Number (February 2021), Tell Us anonymous reporting powered by Mineral (August 2021), new service packages (February 2022), Continuous Feedback and a Slack integration (August 2022), joining the Vensure Employer Services and PrismHR family in September 2022, and automated onboarding enhancements in March 2023.

Risks & controversies

In May 2018 Namely terminated founder and CEO Matt Straz following an investigation, citing actions "inconsistent with that which is expected of Namely leadership," a change covered by Forbes and Bloomberg. The company's Wikipedia article carries an editorial notice that a major contributor appears to have a close connection with the subject and may require cleanup for neutrality.