Human resources giant ADP expanded its payroll and labor management portfolio Monday with the purchase of WorkMarket, a cloud-based workforce management provider.
WorkMarket, based in New York, holds particular expertise when it comes to managing independent contractors and consultants, and many of its customers are top solution providers such as Dimension Data, High Wire Networks and Presidio. Through its platform, the software vendor allows companies to build pools of skilled technical labor that can be deployed on demand, track their engagements and evaluate their performance.
A handful of major venture capital firms have invested in WorkMarket, including Accenture Ventures and Spark Capital. The company recently launched a game-changing partnership with one of the world's major insurance providers that enables it to offer workers' compensation insurance to contract employees.
Financial terms of the deal were not made available.
ADP cited one of its own research studies in the announcement, one that found 80 percent of U.S. businesses use independent contractors in some form or fashion.
"WorkMarket is a proven expert in freelancer management. We are thrilled to welcome their team to ours and to leverage our global footprint and bring scale to their expertise and technology," ADP President and CEO Carlos Rodriguez said in a statement.
WorkMarket has teamed up with major IT vendors including SAP to deliver enterprise workforce talent to partners as needed. In August, the company purchased freelancer management system company OnForce to gain access to its massive data repository and deliver richer insight to customers.
"The WorkMarket team is thrilled to be joining ADP," WorkMarket co-founder and President Jeff Wald said in a statement. "We share the same vision of enabling companies and workers alike to navigate the changing labor marketplace with greater ease, and we look forward to offering our solutions to ADP's vast client base."