hSenid Business Solutions (hBS) announced its earnings results for the period ended 30 September 2023, reporting a total revenue of LKR 400.3 million for the concluded quarter. The primary driver of revenue growth can be attributed to the success of the PeoplesHR Cloud business, which accounts for 56 percent of company revenues. A majority of new business was generated in the APAC markets yielding results for the investments made in talent recruitment and market development initiatives in this region. Driven by the Cloud business, core recurring revenues now account for a notable 55 percent of total revenues. Amidst ongoing investments in sales and marketing initiatives, company earnings have shown an improvement from the preceding quarter, indicating positive signs of the stabilisation in costs and company net earnings.
Commenting on the closure of new deals for the quarter, Founder and Chairman of hSenid Dinesh Saparamadu noted: “Our strategic investments have begun to yield favourable results, with a major uptick in new deals in the recently concluded quarter. Our continued investments in the APAC and MEA markets, as well as our focus on growing the SaaS (Software-as-a-Service) business, are driving our footprint as the most preferred HR Tech Vendor in emerging markets”
The company further utilised LKR 71.3 million of its IPO funds in product and market development. The product development efforts were primarily focused on introducing new features to the PeoplesHR product, while market development initiatives concentrated on the Southeast Asian market. Field and digital marketing initiatives were conducted throughout the quarter to accelerate and sustain the company’s business development efforts in key select markets.
Commenting on the upcoming plans for hSenid, CEO Sampath Jayasundara noted: “We are pleased to see the investment we have made in people, markets and our core products beginning to reap favourable results, in line with our long-term goals. With a number of new deals secured in the previous quarter, and more in the pipeline we are committed to ensuring that project implementations are executed efficiently, allowing us to reflect the sales uptick in our financial results in the coming quarters.”
The quarter also saw the company’s core brand PeoplesHR undergo a significant rebranding initiative. The goal of the rebranding exercise focused around strengthening its brand image and ensuring it reflects the company’s commitment to align with the changing global Human Capital Management (HCM) landscape.
In addition, during the quarter, G2 – A leading software review portal in the APAC region, recognised the company’s core brand PeoplesHR, as a ‘High Performer’ in both Asia and APAC in the Core HR category, in the G2 Fall 2023 Reports. The ratings are a direct reflection of the PeoplesHR brand presence in the region.
hSenidBiz, with a widespread presence across 6 countries, serves over a million users in 1,600 organizations spanning 20+ diversified industries and across 40 countries. As a trusted technology solutions provider, hSenidBiz empowers businesses to thrive in the digital landscape, driving innovation and digital transformation to meet challenging HR needs of enterprises worldwide.
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