During Q3 of 2022, the Human Capital Management sector experienced continued softening in transaction activity, following the robust 2021 period. There were 67 VC investments this quarter totaling $1.5B compared to the 96 raises last quarter totaling $4.3B. Venture and growth investors are scaling back their investment pace due to inflation, rising interest rates and market volatility. While VC investment activity sharply declined, M&A volumes remained strong by historical standards. The Core HR space benefited from these market shifts, as investors and acquirers adjusted their focus to less cyclical areas of HCM.
Learn more about broader trends examined in the HCM space and our Q3 sub-sector highlight on Assessments. Download our Report
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