Munich-based HR and recruiting platform Personio is one of Europe’s most promising start-ups and could soon achieve unicorn status — a rare designation reserved for privately-held start-ups valued at $1 billion or more.

Tech advisory firm GP Bullhound has identified the top 50 European start-ups with the most potential to become $1 billion companies in the next two years. Personio is one of them.

“Our goal is not to build a medium-sized enterprise with 500 employees, but to become the leading provider of personnel software for small and medium-sized enterprises in Europe,” co-founder and CEO Hanno Renner said in an interview with Handelsblatt.

The company is growing fast and boosting its presence across the continent. Personio acquired Spanish API start-up Rollbox back in April. Renner said the acquisition aligned well with the firm’s international ambitions. The company is well-equipped to expand into other European markets.

Personio raised $40 million from venture capital firm Index Ventures earlier this year. The firm has also backed Dropbox and Slack in the past. Renner told Handelsblatt he estimates Personio’s target markets in Europe to be worth up to $34 billion. The company might go public in the future, but the CEO said he’s in no rush to list the firm on the stock exchange.

Personio was founded in 2015 and offers HR and applicant management software designed for companies with 10 to 2,000 employees. Its technology is used by more than 1,500 customers in more than 35 countries.

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