HR software company Deel, founded in 2019 by Alex Bouaziz, has achieved an annual revenue run rate (ARR) of $800 million as of December 2024, marking a 70% year-over-year growth. The company, which provides global HR services such as onboarding, compliance, payroll, and immigration support, has been profitable for over two years and employs approximately 5,000 people globally. Deel recently completed a $300 million secondary share sale, bringing in General Catalyst and Mubadala Investment Company as new investors, and raising its valuation to $12.6 billion, up from $12 billion in May 2022. The company is preparing for an initial public offering (IPO) as early as 2026, with efforts focused on strengthening financial audits and compliance. Deel has also expanded its board with experienced executives, including former Illumina CEO Francis deSouza and former Coupa CFO Todd Ford. Amid these milestones, Deel is facing a lawsuit in Florida alleging facilitation of money laundering and sanctions violations, which the company strongly denies and has moved to dismiss. Deel attributes the lawsuit to a coordinated effort by a competitor's investor to damage its reputation.