About Secova
Secova is a company based in Newport Beach (United States) founded in 1989 was acquired by Altruist Technologies in May 2019.. Secova has raised $10 million across 2 funding rounds from investors including Infrastructure Leasing & Financial Services, Altruist Technologies and Baring Private Equity Partners. The company has 22 employees as of April 06, 2024. Secova has completed 1 acquisition, including Ultralink. Secova offers products and services including Benefits Administration Services and Dependent Eligibility Audits. Secova operates in a competitive market with competitors including ADP, UKG, Randstad, Bullhorn and Wanted, among others.
- Headquarter Newport Beach, United States
- Employees 22 as on 06 Apr, 2024
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Sectors
Business Services
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Phone
*********
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Website
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Social
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- Legal Name Secova Eservices Private Limited
- Date of Incorporation 04 Jul, 2003
- Jurisdiction Chennai, Tamil Nadu, India
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Annual Revenue
$2.22 M (USD)-67.02as on Mar 31, 2022
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Net Profit
$387.16 K (USD)-68.84as on Mar 31, 2022
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EBITDA
$397.39 K (USD)-71.72as on Mar 31, 2022
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Total Equity Funding
$10 M (USD)
in 2 rounds
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Latest Funding Round
$8 M (USD), Series B
Jun 19, 2006
- Investors
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Employee Count
22
as on Apr 06, 2024
- Investments & Acquisitions
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Acquired by
Altruist Technologies
(May 17, 2019)
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Products & Services of Secova
Secova offers a comprehensive portfolio of products and services, including Benefits Administration Services and Dependent Eligibility Audits. 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.
Streamlines employee benefits management for efficiency and accuracy.
Verifies dependents to optimize benefits programs and reduce costs.
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Software Development Team
2 people
Leadership Team
1 people
Sales and Marketing
1 people
Deputy Team
1 people
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Funding Insights of Secova
Secova has successfully raised a total of $10M across 2 strategic funding rounds. The most recent funding activity was a Series B round of $8 million completed in June 2006. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Series B — $8.0M
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First Round
First Round
(02 Sep 2003)
- Investors Count 2
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2006 | Amount | Series B - Secova | Valuation |
investors |
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| Sep, 2003 | Amount | Series B - Secova | Valuation | Infrastructure Leasing & Financial Services |
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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 |
Investors in Secova
Secova has secured backing from 3 investors, including venture fund and institutional investors. Prominent investors backing the company include Infrastructure Leasing & Financial Services, Altruist Technologies and Baring Private Equity Partners. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Private equity firm focusing on buyouts and investments in multiple sectors
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Founded Year | Domain | Location | |
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Infrastructure financing and advisory solutions are provided by the NBFC.
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Founded Year | Domain | Location | |
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Mobile value-added services are provided to telecom operators and businesses.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Secova
Secova has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include Ultralink. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| 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 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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HR management services are provided by Ultralink since 1989.
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1989 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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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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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Secova
| 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 |
Secova Comparisons
Competitors of Secova
Secova 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 ADP, UKG, Randstad, Bullhorn and Wanted, 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 |
Cloud-based HR management solutions are offered for payroll and compliance.
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| domain | founded_year | HQ Location |
Provider of HR and payroll & workforce management solutions
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| domain | founded_year | HQ Location |
HR consulting, recruitment, and outsourcing services are offered worldwide.
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| domain | founded_year | HQ Location |
Cloud-based ATS and CRM systems are offered for staffing agencies.
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| domain | founded_year | HQ Location |
HR management services are provided by Wanted in South Korea.
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| domain | founded_year | HQ Location |
HR outsourcing services are provided to businesses by Insperity.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| 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 Secova
Frequently Asked Questions about Secova
When was Secova founded?
Secova was founded in 1989 and raised its 1st funding round 14 years after it was founded.
Where is Secova located?
Secova is headquartered in Newport Beach, United States. It is registered at Newport Beach, California, United States.
Is Secova a funded company?
Secova is a funded company, having raised a total of $10M across 2 funding rounds to date. The company's 1st funding round was a Series B of $2M, raised on Sep 02, 2003.
How many employees does Secova have?
As of Apr 06, 2024, the latest employee count at Secova is 22.
What is the annual revenue of Secova?
Annual revenue of Secova is $2.22M as on Mar 31, 2022.
What does Secova do?
Secova, established in 1989, excels in providing business support, bpo services, function specific, and managing HR solutions. Provider of end to end HR services. Committed to advancing standards, it focuses on innovation, efficiency, and delivering value to clients worldwide. It continues to evolve, meeting industry challenges with strategic approaches.
Who are the top competitors of Secova?
Secova's top competitors include Randstad, Alera Group and UKG.
What products or services does Secova offer?
Secova offers Benefits Administration Services and Dependent Eligibility Audits.
How many acquisitions has Secova made?
Secova has made 1 acquisition, including Ultralink.
Who are Secova's investors?
Secova has 3 investors. Key investors include Infrastructure Leasing & Financial Services, Altruist Technologies, and Baring Private Equity Partners.
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