Velocity Global, a Denver-based HR startup, has hired Frank Calderoni, a former CFO of Red Hat, Cisco and SanDisk, and the ex-CEO of planning software firm Anaplan as its CEO. Calderoni has experience leading companies through an IPO, and Velocity Global hopes to expand its global reach. The company offers “employer of record” services for mid-sized companies that want to hire employees quickly in over 185 countries. The coronavirus pandemic has turbocharged Velocity Global’s business, as companies are increasingly open to remote work and filling job vacancies from afar. In March 2022, the company raised $400m in a series B funding round led by Eldridge and Norwest. The company is reportedly valued at around $2bn after reaching $200m in annual recurring revenue in March 2023, up from $30m in 2019. Despite the economic uncertainty caused by the pandemic, demand for HR tech is reportedly still strong, with 46% of HR leaders planning to increase their spending on HR tech in 2023. However, analysts suggest that bigger traditional players like Workday and SAP could pose a risk to startups in this space.