About Magnit
Magnit is a company based in Folsom (United States) founded in 1991. It operates as a SaaS (Software-as-a-Service), and Managed Services. The company has 1,507 employees as of April 07, 2024. Magnit offers products and services including Magnit Platform, Managed Service Provider (MSP), Employer of Record (EOR), Vendor Management System (VMS), and Direct Sourcing. Magnit operates in a competitive market with competitors including Legion, WorkJam, Harri, Work Market and Eden Workplace, among others.
- Headquarter Folsom, United States
- Employees 1507 as on 07 Apr, 2024
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Sectors
Technology
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Phone
*********
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Website
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Social
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- Legal Name Magnit
- Date of Incorporation 15 Mar, 2012
- Jurisdiction Bangaluru, Karnataka, India
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Annual Revenue
$69.67 M (USD)45.16as on Mar 31, 2023
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Net Profit
$1.08 M (USD)1256.02as on Mar 31, 2023
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EBITDA
$1.82 M (USD)1512.84as on Mar 31, 2023
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Latest Funding Round
$900 M (USD), Debt – Conventional
Dec 21, 2021
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Investors
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Employee Count
1507
as on Apr 07, 2024
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Products & Services of Magnit
Magnit offers a comprehensive portfolio of products and services, including Magnit Platform, Managed Service Provider (MSP), Employer of Record (EOR), Vendor Management System (VMS), and Direct Sourcing. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
An AI-powered platform for workforce management solutions.
Support for navigating contingent workforce management journey.
Services for hiring contingent talent efficiently and compliantly.
Platform for visionary management of contingent workforce.
Solution to attract pre-vetted talent using brand.
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Funding Insights of Magnit
- Total Funding Total Funding
- Total Rounds 2
- Last Round Debt – Conventional — $900.0M
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First Round
First Round
(03 Nov 2021)
- Investors Count Investors Count
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Dec, 2021 | Amount | Debt – Conventional - Magnit | Valuation |
investors |
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| Nov, 2021 | Amount | Debt – Conventional - Magnit | Valuation |
investors |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investments & Acquisitions by Magnit
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Magnit
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Magnit Comparisons
Competitors of Magnit
Magnit operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Legion, WorkJam, Harri, Work Market and Eden Workplace, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Workforce management solutions are provided through intelligent automation technology.
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| domain | founded_year | HQ Location |
Hourly workforce schedules and communications are managed via software.
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| domain | founded_year | HQ Location |
Recruitment and workforce management are offered for hospitality.
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| domain | founded_year | HQ Location |
Freelance management, payments, and reporting are facilitated by AI software.
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| domain | founded_year | HQ Location |
SaaS-based workplace management software for offices is delivered.
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| domain | founded_year | HQ Location |
Cloud-based HCM software is provided for enterprise HR processes.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Magnit
Frequently Asked Questions about Magnit
When was Magnit founded?
Magnit was founded in 1991 and raised its 1st funding round 30 years after it was founded.
Where is Magnit located?
Magnit is headquartered in Folsom, United States. It is registered at Folsom, California, United States.
Who is the current CEO of Magnit?
Andy Schultz is the current CEO of Magnit.
How many employees does Magnit have?
As of Apr 07, 2024, the latest employee count at Magnit is 1,507.
What is the annual revenue of Magnit?
Annual revenue of Magnit is $69.67M as on Mar 31, 2023.
What does Magnit do?
Magnit is established as a trusted partner in contingent workforce management, offering an AI-powered integrated platform for over 30 years. Solutions provided include Managed Service Provider (MSP), Employer of Record (EOR), Vendor Management System (VMS), and Direct Sourcing. The company operates across 130 countries with 20 corporate locations, serving over 600 global brands. Focus is placed on workforce agility, diversity, equity, and inclusion, alongside total talent intelligence and shift-based workforce management. Strategic advisory services are also offered to enhance workforce strategies across various sectors.
What products or services does Magnit offer?
Magnit offers Magnit Platform, Managed Service Provider (MSP), Employer of Record (EOR), Vendor Management System (VMS), and Direct Sourcing.
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