NEW YORK, Aug. 14, 2018 /PRNewswire/ -- TransparentBusiness, Inc., designated by Citigroup as the "Top People Management Solution," announced today the launch of a $25 million round of financing under the terms of the Rule 506(c) of Regulation D of the Securities Act. The money raised will be used to initiate a rapid expansion plan to convert the company's leadership position into domination of the market for business transparency solutions. The company completed its first round of funding last fall.
The rapid growth of telecommuting and outsourcing has created a significant need for transparency in workforce management as companies currently lack visibility into the activity of their remote workers. According to the 2017 State of Telecommuting Report, telecommuting has increased 115% over the last 10 years and the State of Work Productivity Report found 65% of full-time employees believe a remote work schedule would increase productivity while more than two-thirds of managers report an increase in productivity from their remote workers.
"Great investment opportunities that have the potential to produce returns in tens of thousands of percentage points are rare, but all have the same criteria: a huge market need, an easily scalable solution, endorsements and validations, absence of competition, and a strong management team," said Alex Konanykhin, CEO of TransparentBusiness.
TransparentBusiness' innovative SaaS based-platform provides companies with complete transparency into computer-based work by remote workers, enabling them to increase productivity, enhance collaboration, eliminate overbilling, and easily manage their globally distributed workforce in real-time.
With established partnerships with Google, Microsoft, SAP, Cisco, Facebook and ADP, the company has also undertaken a government outreach program to mandate verification of billable hours for government contractors. This could save taxpayers billions of dollars with no cost as compliance is paid by the contractor. Currently, legislative activity has been initiated in twelve states.
"This is an investment opportunity that has the potential to produce returns exceeding 90,000%. The business transparency category is an enormous market," Alex continued. "TransparentBusiness' goal is to dominate it by increasing awareness of the significant benefits of transparency in workforce management, create a strong international brand and secure the most lucrative accounts before the competition develops."
Under SEC Rule 506c, a company can conduct "general advertising and broad solicitation" for an investment opportunity that is limited to "accredited investors" in the US, or individuals with a net worth over one million dollars or an annual income of more than $200,000. The minimum investment for this round is $100,000.