Hofy

About Hofy

Hofy, founded in London in 2020 by Sami Bouremoum and Michael Ginzo, operates as an IT equipment and device management platform for global teams. The company was established to address the logistical challenges arising from the rapid shift to remote work. Bouremoum's initial venture was a micromobility startup, but with the onset of the pandemic, he pivoted to solve emerging problems for remote workers, leading to Hofy's creation. Ginzo previously served as a product manager at Deel, a background that informed the development of Hofy's platform and its eventual integration with Deel.

In July 2024, Deel, a major HR and payroll company, acquired Hofy for an amount reported to be over $100 million. This acquisition integrated Hofy's services into Deel's platform, creating a new offering called Deel IT. Deel itself had been a client of Hofy for 2.5 years prior to the acquisition, using the service to manage equipment for its own globally distributed team. Before the acquisition, Hofy had raised a total of $30.8 million in funding from investors including Stride, 20VC, and Kindred Capital.

Hofy's business model is centered on providing end-to-end device lifecycle management as a service. The company serves businesses, particularly those with 50 to 1,000 employees, by handling the procurement, delivery, management, and retrieval of IT equipment for their remote workforce. Clients can lease equipment through a subscription model, which helps manage cash flow by avoiding large upfront hardware purchases. The platform allows companies to define equipment policies, set budgets, and automate the provisioning process for new hires through integrations with HR software. Revenue is generated through these subscription services for device management and leasing. The service simplifies operations for HR and IT departments by managing logistics, repairs, replacements, and secure data erasure for devices in over 130 countries.

The platform, now known as Deel IT, offers a comprehensive suite of features for managing a global workforce's technology needs. It enables companies to supply everything from laptops and monitors to ergonomic chairs and desks, sourced from major tech companies. Key functionalities include zero-touch device enrollment, pre-configuration with company software, remote device monitoring and security, and asset tracking. The platform acts as a centralized system for the entire IT equipment lifecycle, aiming to reduce administrative burdens and ensure compliance with local regulations.