Rippling, a provider of employer-of-record services, announced a $200 million funding round in an April 22 blog post written by co-founder and CEO Parker Conrad. The company also signed agreements with investors to repurchase up to $590 million of equity from current employees, former employees and early investors.

Rippling is now valued at $13.5 billion.

The funding will go toward research and development; building more robust software products; and equipping customers with more intelligent workflows, analytics and tools, the company said in a LinkedIn post.

“This system we’ve built helps companies run more efficiently and achieve their business goals faster than their competitors,” Conrad wrote. “We will continue to expand in new markets and invest deeply in R&D to enhance our current offering and build new products to support our clients.”

The financing was led by New York-based investment firm Coatue Management LLC, with participation from Founders Fund, a San Francisco-based venture capital firm that includes PayPal co-founder Peter Thiel as a partner. Greenoaks, a San Francisco-based investment firm, also participated, along with other existing investors. Dragoneer Investment Group, also based in San Francisco, joined the round as a new investor.

Rippling has offices in San Francisco, New York, London, Dublin, Sydney, and Bengaluru, India.

The company’s products include global payroll and benefits offering, performance management, time and attendance, hiring process automation, and PEO services.