HR Tech Company Paylocity to Acquire Video Creating Software VidGrid

Paylocity is an HR and payroll service provider that has taken over VidGrid, business software for creating and sharing videos. Established in 2012, VidGrid is among the 25 largest SaaS companies in the Twin Cities, according to the Minneapolis/St. Paul Business Journal. It was also one of Minne Inno’s Coolest Companies in 2019.

Paylocity stated that the association would allow more worker collaboration, particularly in the face of work from home and other remote opportunities—factors that are more relevant now than ever with the coronavirus pandemic requiring people to stay out of public meetings. Utilizing VidGrid’s platform will help Paylocity to enhance communication, engagement, and connections throughout its workforce.

“As part of our product expansion, we introduced our learning management system and worked with VidGrid to provide learning opportunities that the modern workforce expects,” Paylocity CEO Steve Beauchamp said in a release. “VidGrid’s approach aligns with our culture of caring deeply for our clients and we couldn’t be more excited to welcome their talented and innovation team to Paylocity,” he further added.

According to the changing trends in the work culture, using videos will become more prominent, including more remote positions and other such changes to the traditional office sphere. Thus, Paylocity made the right choice with VidGrid to respond better to its customers.

VidGrid’s technology can help businesses to grow at a pace by creating and managing videos. The software helps users to communicate and collaborate regarding a variety of topics such as sales, customer success, training, and education. Fox, G2 Crowd, Duke University, and the University of Nebraska are among the top users of the software.

Before its acquisition, VidGrid raised about USD 3 million. Its last round was in 2017 when the company secured USD 1.5 million in a round led by Austin, Texas-based Active Capital.

“We couldn’t be more proud to join forces with a company like Paylocity,” Nick Stokman, VidGrid co-founder and CEO, said in a statement. He further added, “The Paylocity team shares our vision that video has the power to shape the future of workplace communication and we’re looking forward to driving collaboration for organizations everywhere.”