Human Capital Management (HCM) continues to demonstrate healthy growth as legacy solutions are ripped and replaced by more agile and innovative solutions. Over 40% of HR executives are looking to change HR systems over the next 12-18 months, while 58% of employers are planning to increase spending on HR and recruiting technologies this year. As a result, the incumbent mega-ERP providers are under attack by numerous, agile HCM 2.0 start-ups, and legacy HCM providers are re-architecting and adding features / functionality. This report takes a closer look into the market as well as companies in the ecosystem, M&A and private placement activity.