NetSuite to Acquire Waterloo Social HR Startup TribeHR

NetSuite today announced that it has entered into a definitive agreement to acquire Waterloo’s TribeHR.

The terms of the proposed acquisition were not disclosed.

The proposed acquisition would create a single cloud solution for modern SMBs with the ERP power to run their core business operations as well as a rich, social HR software solution to manage employees.

Founded in 2009, TribeHR is a social HR platform with headquarters in Waterloo and more than 450 customers operating in more than 50 countries around the world.

In August 2012 TribeHR secured $2.5 million in financing led by Relay Ventures, with follow-on participation from Matrix Partners. Matrix had made a $1 million seed round investment in TribeHR the previous year.

MORE: Canadian Startup TribeHR Grew Sales by 500% in 2012

In 2013, TribeHR joined the NetSuite SuiteCloud Developer Network (SDN), created the popular TribeHR SuiteApp, and now has nearly 30 joint customers with NetSuite. TribeHR also complements NetSuite’s existing payroll product, NetSuite Premier Payroll Service.

“TribeHR was founded on the idea that the best companies are built by inspired, connected and engaged employees,” said Joseph Fung, Co-Founder and CEO of TribeHR. “The initial reception of TribeHR in the NetSuite installed base proved the power of coupling employee engagement with operational excellence, and we are excited about going where no company has gone before in combining core business process applications with employee interaction applications.”