After raising $200 million in its most recent funding round, HR software firm Rippling announced on Monday that it was valued at $13.5 billion. With participation from Greenoaks, Peter Thiel’s Founders Fund, and other current investors, Coatue, a tech investment firm, led the round. As a new investor, Dragoneer joined the round, according to Rippling.

Additionally, the business committed to repurchasing, through a tender offer, up to $590 million in shares from present and former workers as well as early investors.

Entrepreneur Parker Conrad is the leader of Rippling, a workforce management platform provider that helps businesses like Apple, Amazon, and Salesforce manage their operations by fusing finance, IT, and human resources. It intends to increase its market share, make investments in R&D, and create new products to better serve customers.

Following a more than year-long dry spell, the IT sector is seeing a surge in capital raisings thanks in part to growing expectations of interest rate decreases and the development of artificial intelligence (AI).

Additionally, the industry jumped more than 42% year over year to approximately $154 billion, making up the greatest percentage of mergers and acquisitions during the first quarter, according to Dealogic.

The tech-focused platform FloQast, which focuses on finance and accounting operations, said earlier this month that it had raised $100 million in a capital round valued at $1.6 billion.