Shiftee, a workforce management solution provider based in South Korea, has announced its foray into the Asian market starting with Taiwan. This expansion marks a significant milestone for the SaaS (Software as a Service) company, which boasts a robust customer base exceeding 300,000 businesses across South Korea.
Shiftee’s single solution offers features encompassing scheduling, attendance record and leave management, request and approval workflow, electronic signature, message and payroll to PC-off. Its seamless integration with existing corporate solutions, such as in-house Enterprise Resource Planning (ERP), has positioned Shiftee as the preferred choice for major corporations like Hyundai, SK, and Lotte as well as global corporations like L’Oréal, Sony and Panasonic.
Shiftee has been lauded by its clients for its exceptional versatility and ability to transcend borders, corporate sizes, and labor laws, making it an ideal solution for enterprises worldwide. With over 4,000 international businesses already leveraging Shiftee, primarily discovered through online searches, the platform has demonstrated widespread appeal and adoption. Major domestic corporations have implemented Shiftee in their overseas branches, while global corporations are utilizing the platform in both Korean and Asian offices.
In a strategic move to accelerate its global footprint, capitalizing on its robust growth in the Korean market, Shiftee has chosen Taiwan as the inaugural destination for its official overseas expansion. With 400 paid customers secured within just two months since the Taiwan service launch, Shiftee aims to grow this number to 1,000 within 2024. The future strategy includes further expansion into neighboring Asian markets such as Japan and Singapore.
Shiftee’s financial performance reflects its rapid growth trajectory. Sales for 2022 totaled KRW 3.38 billion, with an operating profit of KRW 1.65 billion. Projections for 2023 forecast a significant increase, with sales expected to reach KRW 6.74 billion and operating profit at KRW 5.05 billion – reflecting a significant 99.4% growth in sales and 206.1% in operating profit compared to the previous year. Shiftee’s operating profit margin, which was 48.8% in 2022, is projected to reach 74.9% in 2023, showcasing an remarkable profit margin for a Pure SaaS startup. This success lays a robust foundation for Shiftee’s ongoing international expansion endeavors.
Shiftee’s CEO, Daniel (Seungwon) Shin, expressed, “Building on the capabilities we have developed as a leading company in the human resources management market in Korea, we plan to actively expand our business globally. Since the beginning, Shiftee has been designed and developed as a globally applicable versatile HR solution and I’m confident that Shiftee has the potential to become a benchmark for successful Korean SaaS globally.”
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