‘Pink’ unicorn TransparentBusiness brings visibility to remote work with SaaS solution
TransparentBusiness aims to help make remote work more productive and visible to clients and managers with a special focus on trust, engagement, and accountability.
Talk of productivity has been a constant backdrop since the coronavirus pandemic forced companies across almost all sectors of the economy to decentralize their working environment and make a rather quick transition to remote working.
Plenty of studies show that the remote work model has a very clear impact on employees’ concentration and job satisfaction, with the top perks being schedule flexibility, low or no transport costs, and a healthier work-life balance.
However, the rise of work-from-home trend has posed some challenges to employers, especially when it comes to measuring the efficiency and productivity of their team members.
A large number of companies has risen to the occasion over the past year to address this concern, and the market is now brimming with tools that promise to help keep the staff motivated and productive.
In this crowded competition, success belongs to those who take things a step further and offer comprehensive solutions that can solve a greater number of pain points through an all-in-one platform while respecting user privacy.
TransparentBusiness is one of the players in this fast-expanding market that aims to help make remote work more productive and visible to clients and managers with a special focus on trust, engagement, and accountability.
Having likened managing remote workers blindly to conducting an orchestra without seeing or hearing the musicians or flying a plane without instruments, the New York-based software-as-a-service (SaaS) provider is on a mission to improve the way people and companies work.
Designated by U.S. banking giant Citigroup as the “Top People Management Solution”, TransparentBusiness, in its own words, “greatly increases the productivity of remote work, protects from overbilling, allows for easy monitoring and coordination of geographically distributed workforce, and provides real-time information on the cost and status of all tasks and projects.”
The company was developed in 2015 by KMGi Group, an internationally acclaimed pioneer in cutting edge digital solutions that has been on the forefront of the internet revolution since 1997.
A newborn ‘pink’ unicorn
What makes TransparentBusiness more unique is the fact that its Latina co-founder and president, Silvina Moschini, helped turn the company into a “pink unicorn” in the coronavirus-hit year of 2020 without a dollar in venture capital (VC) funding.
The award-winning entrepreneur and international speaker, along with her co-founder and CEO Alex Konanykhin, had capitalized on an Obama-era law permitting young companies to privately offer investors equity before going public.
TransparentBusiness brought thousands of international investors on board before gaining a unicorn status with a de-facto valuation of $1 billion in October last year. It announced at the time that it had raised over 20 million through its global private offering.
The investors include Telefonica as well as current and former executives of Morgan Stanley, Merrill Lynch, J.P. Morgan, Stifel, Bank of America, Barclays Global Investors, UBS, Wells Fargo, Goldman Sachs, Citigroup, Trust Company of the West, Deutsche Bank, CA Technologies, and Accenture.
Moschini and Konanykhin, who is also the founder and CEO of KMGi Group, aspire to make the multi-award-winning company synonymous with the category of business transparency on a global scale.
To this end, TransparentBusiness’ board of directors has approved the objective of achieving the decahorn status ($10 billion valuation) by the end of 2021.
Narrowing the gender gap
The unicorn company owns SheWorks! and has been taking great strides to empower women in business. It is a digital platform that helps companies “drive diversity by connecting them with an international pool of certified professional women, while providing tools to hire, monitor, and manage distributed teams.”
With books and opinion pieces published in more than 140 outlets, its founder and CEO Moschini is dedicated to supporting women and accelerating government reform across the world.
She also serves as a mentor to young female entrepreneurs in different countries through initiatives such as Vital Voices, 500 Startups, Google Launchpad, and the Google AI Impact Challenge.
A trend to stay
The need for innovative, privacy-respecting solutions like the one being offered by TransparentBusiness is being felt more strongly than ever as the remote work trend is gaining momentum and is becoming the norm for most businesses.
By 2025, an estimated 70% of the workforce will be working remotely at least five days a month.
TransparentBusiness wants to help make sure that no one is left behind in this digital age, and that is why it has launched a global program to support small and medium enterprises and founders in their efforts to manage their business remotely and succeed in the new normal.
Through CloudWorking Academy, users can access online training modules to learn to use the tools available and leverage best practices to manage remote projects and teams with efficiency, transparency, and accountability.
In line with its vision, TransparentBusiness is offering all participating companies free software licenses for up to 25 team members through 2022 to help them efficiently digitize their operations and ensure business continuity as it believes such an endeavor can alleviate the economic damage to businesses and the national economy.
Disclosure: This article mentions a client of an Espacio portfolio company.