July 3, 2024
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Vital signs: Work software industry continues inking deals

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As business leaders look for different ways to improve the development of their employee’s skillsets and performance, more and more companies are turning to the latest technology efforts to make those dreams a reality.

A study conducted by Deloitte, a professional services network based in England, found that work software or software companies specifically created to aid the workforce, the deal value remains strong.

Per the latest Deloitte Global Human Capital Trends survey, “more than 90% of surveyed
business leaders believe that using…technology to improve work outcomes and team performance is very important or important to their organization’s success.”

Though overall investment in work software companies is down from the heights reached in 2021, the segment still accounted for 15% of total expansion-stage deal value in 2022.

Moreover, according to Deloitte’s Road to Next survey, work software deal value remains resilient at $30 billion, with nearly 11,000 deals being accounted for. The Los Angeles region ranks fourth on the list of deal counts, having made 97 deals totaling $2.9 billion.

The ongoing market volatility provides sufficient motive and opportunity for organizations to retool and reinvest in innovative work software to help rethink organizational structures, talent development, and more, the organization said.

Source: Deloitte