Multiplier

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-71%

est. 2Y upside i

HR TechSeries B

Global employment platform for hiring international employees compliantly

Rank

#3851

Sector

HR Tech

Est. Liquidity

~4Y

Data Quality

Data: Medium

Multiplier operates in a high-growth HR Tech sector with a strong competitive moat, but its current $400M valuation on ~$25M revenue (16x multiple) is aggressive, especially when compared to larger, more established competitors like Deel and Gusto.

Last updated: March 10, 2026

Bull (15%)+140%

Multiplier successfully expands its global footprint and product offerings, particularly in its Global Payroll and Contractor Management segments, achieving 60% YoY revenue growth to ~$64M by 2028. Strong execution and favorable market conditions allow it to maintain a 15x revenue multiple, leading to a $960M valuation.

Base (40%)+22%

Multiplier continues to grow steadily, expanding its customer base within its niche. Revenue reaches ~$49M by 2028 with 40% YoY growth. However, intense competition from Deel and Gusto, coupled with a more conservative market, compresses its revenue multiple to 10x, resulting in a $490M valuation.

Bear (45%)-59%

Aggressive competition from well-funded players like Deel and Gusto, along with potential regulatory headwinds or slower-than-expected market adoption, stifles Multiplier's growth to 15% YoY, reaching ~$33M revenue by 2028. The valuation multiple contracts sharply to 5x, leading to a $165M valuation, significantly impacting common stock value due to liquidation preferences.

Est. time to liquidity~4.0 years

Adjusted for competitive dynamics: -7% (raw: -71%, adjustment: -10%)

Preference Stack Risk

high

Funding Intensity

19%

Investors hold $77.2M in liquidation preferences. In an exit at or below $77.2M, common shareholders would receive nothing. At the current $400M valuation, preferred shareholders would receive their $77.2M first, leaving $322.8M for common shareholders.

Dilution Risk

moderate

As a Series B company, Multiplier will likely require 1-2 more funding rounds before a potential liquidity event, which will lead to further dilution for existing equity holders.

Secondary Liquidity

none

There is no public information suggesting an active secondary market or tender offers for Multiplier's shares.

Questions to Ask at the Interview

Strategic questions based on Multiplier's data — designed to show you've done your homework.

1
“How does Multiplier plan to differentiate and compete effectively against larger, more established players like Deel and Gusto, particularly given their significant funding and market penetration?”
2
“With a current revenue of ~$25M and a $400M valuation, what are the key milestones and growth strategies Multiplier aims to achieve in the next 2-3 years to justify a significant increase in valuation?”
3
“Given the Series B funding round was in March 2022, what is the anticipated timeline for the next funding round or a potential liquidity event for employees, and how is the company managing potential dilution?”