HR Tech as a niche actually started out as an additional function for ERP systems and developed into a multibillion-dollar market over the past 15 years. The friction between market leaders and their challengers led to a dynamic wave of innovation once the development of software "in the cloud" became mainstream back in 2010. Today, 10 years later, the Benelux market is flooded with digital solutions that help organizations to focus on their people. Investor confidence is growing, which only confirms the innovative trends and opportunities for growth. Market leaders and larger HR Tech companies also respond by purchasing smaller companies and their innovation, customers, or opportunities.
Historic Talent Management Billions
The first spark to unchain an entire HR Tech Market took place in December 2004, when ERP system ORACLE finally took over cloud-based Talent platform Peoplesoft for $10.3 billion, after years of trying. When competitor SAP acquired HCM System SuccessFactors for $3.4 billion in March 2011, Oracle strengthened its offering with the acquisition of Talent Management Software Taleo for $1.9 billion in February 2012. To complete the list of top competitors, IBM also entered the HR Tech Market in December 2012 by taking over cloud-based talent management system Kenexa for $1.3 billion.