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

Rippling is now valued at US$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 Coatue Management LLC, a New York-based investment firm, 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 a San Francisco-based firm, 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 offerings, performance management, time and attendance management, hiring process automation and PEO services.