Adds Market-Leading Business Travel Compliance Technology to its Comprehensive Global Talent Mobility Platform
SAN FRANCISCO, March 17, 2020 /PRNewswire/ -- Topia, the leader in Global Talent Mobility, today announced its acquisition of Monaeo, the technology leader for managing business travel compliance for enterprises and individuals. With the addition of Monaeo, which delivers end-to-end business travel visibility, management, compliance and audit defense, Topia further solidifies its position as the most comprehensive Global Talent Mobility platform on the market. Topia will now empower enterprises to effectively manage end-to-end global talent mobility—from short-term business travel to long-term assignments and relocations—to drive competitive advantage. The acquisition is expected to close the week of March 16, pending shareholder approval.
In today's world climate, conscious risk management of business travel is becoming increasingly critical. Companies now more than ever, need to have visibility into their employees' geographic footprint. This helps them proactively manage tax and immigration compliance risks around the world. Understanding where employees are at present and where they have been, also provides the insights for companies to keep their employees healthy and safe as they travel the globe.
Trusted by enterprises including PayPal, Infor, Ulta Beauty, and Silver Lake, the Monaeo solution delivers on-demand visibility into business travel and the ability to take timely and appropriate actions. With Monaeo, companies can be proactive about managing tax and payroll compliance resulting from business travel as the solution identifies potential tax exposure, enabling improved compliance, end-to-end streamlined workflows and cost savings. The Monaeo solution offers out-of-the-box integrations with leading business systems such as SAP Concur, ADP, MobileIron and more.
According to a recentKPMG report on business travel, 48% of organizations say U.S. state-to-state nonresident withholding and reporting are a major issue or a growing concern for their company, and over one-fourth say it's a major or growing issue on a global scale as well. With states like New York alone auditing nearly 1,000 enterprises a year, companies and their employees are at an increasing risk of multi-million-dollar assessments without proper compliance and documentation.
"Business travel compliance is a key concern for global organizations, considering on average 30-50% of their employees undertake significant business travel every year," said Topia CEO Shawn Farshchi. "With Monaeo, we can now provide our enterprise customers with a complete Global Talent Mobility solution that covers every mobility scenario, and enables them to have visibility into where their people are in the world. This helps mitigate compliance risks and gives them the ability to operate with confidence and the talent efficiency and agility they need to compete at a global scale."
As part of the transaction, Monaeo's U.S. and Buenos Aires-based teams will join Topia effective immediately. Monaeo co-founders, Anupam Singhal and Nishant Mittal will join the Topia leadership team reporting directly to Topia CEO Shawn Farshchi. Singhal will be Topia's SVP Strategic Partnerships, leading efforts to further build out the company's strategic partner ecosystem, and Nishant Mittal will oversee the integration effort, growth strategy, and positioning of the Monaeo solution with existing customers and new prospects as SVP General Manager – Business Traveler.
"Topia's track record of innovation, deep understanding of the enterprise mobility market, and a world-class management team made this an ideal opportunity for us to take Monaeo to the next level while continuing to deliver on our founding vision," said Anupam Singhal, Monaeo co-founder. "We're excited by the opportunity ahead to deliver enhanced value to customers as part of the industry's leading Global Talent Mobility suite and look forward to working with the Topia team," said Nishant Mittal, Monaeo co-founder.
"Employee business travel is an important way we conduct business and run our own internal operations. Having the right technology as part of our broader mobility solution will assist in mitigating risk and making the process of supporting employees much easier," said Rachel Hocking, Global Mobility leader at Telstra.
Topia Global Talent Mobility Platform
The Topia Global Talent Mobility platform empowers HR teams to effectively deploy, manage and engage employees across the world. The cloud-based, open platform provides an integrated data standard across global talent mobility and connects seamlessly with existing HR tech stacks and vendors. Topia automates the entire global talent mobility process, from scenario-based planning, compliance risk management, expat payroll, reporting, and more.
Topia is the leader in Global Talent Mobility. We empower enterprise HR teams to deploy, manage and engage employees anywhere in the world. The Topia Global Talent Mobility platform enables businesses to deliver mobility as part of a broader talent and business strategy with enhanced employee experiences. This drives competitive advantage by ensuring the right people, in the right place at the right time. The Topia platform automates the entire global talent mobility process, from scenario-based planning, compliance risk management, expat payroll, reporting and more. Topia powers global talent mobility programs for many of the world's most trusted brands, including Schneider Electric, Dell, Veolia, Equinor, and AXA. Topia has raised over $100M from New Enterprise Associates (now NewView Capital), Notion Capital and others, and is a global company with offices throughout the Americas and EMEA. For more information, visit www.topia.com and follow Topia on Twitter, Facebook and LinkedIn.