Deputy, an Australian software firm specializing in workforce management, has recently achieved a valuation surpassing $1 billion, becoming Australia’s first tech ‘unicorn’ in two years. Founded by Ashik Ahmed, an immigrant from Bangladesh, Deputy reached this milestone following a $37 million investment from Express Employment Professionals, a US-based staffing company.
This investment, Deputy’s first external funding in six years, positions the company as Australia’s first private tech ‘unicorn’ since 2022, according to a report from the Australian Financial Review (AFR), a leading business news platform based in Australia.
The AFR report further reveals that Express Employment Professionals, initially viewed as a potential customer by Deputy, was so impressed with the company’s services that it opted to acquire a stake instead, propelling Deputy to a total valuation exceeding $1.1 billion.
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Ashik Ahmed’s vision for Deputy originated from his early work experiences at Hungry Jack’s as a 16-year-old, where he identified the pressing need for better organization of shift workers. Partnering with entrepreneur Steve Shelley, Ahmed founded Deputy in 2008 to address this market gap, offering modern tech-driven solutions for managing and communicating shift schedules, as outlined in the AFR report.
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In 2023, Deputy appointed Silvija Martincevic, former chief commercial officer of US-based Affirm, as its new CEO. With Ahmed transitioning to the board alongside Shelley, Deputy has demonstrated positive financial performance, achieving its first profit in the fiscal year ending June 30, 2023, with annual revenue surpassing $100 million.
