Deputy, an Australian software company specializing in workforce management, recently achieved a valuation surpassing US$1 billion, marking it as the first Australian tech ‘unicorn’ in two years. Co-founded by Ashik Ahmed, an immigrant from Bangladesh, Deputy reached this significant milestone following a US$37 million investment from Express Employment Professionals, a staffing company based in the United States.
This investment from Express Employment Professionals represents Deputy’s first external funding in six years, propelling the company to become Australia’s first private tech ‘unicorn’ since 2022, according to a report by the Australian Financial Review (AFR), a prominent business news platform in Australia. The report highlights that Express Employment Professionals, initially viewed as a potential customer by Deputy, was so impressed with Deputy’s services that it opted to acquire a stake instead, elevating the Australian company’s valuation to over US$1.1 billion.
Ashik Ahmed’s inspiration for Deputy traces back to his experiences as a 16-year-old employee at Hungry Jack’s, where he identified a critical need for improved organization among shift workers. Collaborating 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.
In 2023, Deputy welcomed 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 since then, reporting its first profit in the fiscal year ending June 30, 2023, with annual revenue exceeding US$100 million.