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They know who your customers are, understand the relationships between leads, contacts, and accounts, and know who each account’s relationship manager is within your company. Many of Rippling’s platform capabilities mirror those of Salesforce. Over time, we believe that the platform capabilities of the two products must converge even though the applications built out of these platform elements are different. Rippling’s core thesis can be restated as the belief that companies also have a set of business process and work昀氀ow, which requires tools that are similar to Salesforce’s—but this other set of business process and work昀氀ow needs those tools to be built on a different underlying primitive. In lieu of Salesforce’s outward-facing understanding of who your customers are, this other set of business process requires an inward-facing understanding of your organization, who your employees are, the job and function they perform within your company, and these employees’ relationships to one another. Rippling is the system for that other, parallel set of business process. These two systems—the inward-facing one, and the outward-facing one— are two sides of the same coin. Competition and Rippling’s last-mover advantage A central difference between Rippling and our competitors is that Rippling competes in multiple segments, more product lines, and multiple geographies. As a result, it’s hard to pin down who our direct competitors are, because those competitors are different depending on a speci昀椀c intersection of Segments, Product Lines, and Geographies. For a 10-person company in the US evaluating us for payroll, our competitors are likely Gusto, ADP Run, Intuit payroll, or perhaps PEOs like Trinet or Insperity. If instead we are looking at a similarly-sized company in Australia, the competitor might be Employment Hero. In the UK, Sage. For a 500-person company evaluating payroll in the US, we might be competing against Paylocity, Paycom, or UKG. Occasionally, at the very upper end of our market, we are competing with Workday. Day to day, we tend to compete most viciously with these payroll and HRIS companies. Because payroll and HRIS are the source of truth for employee data

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