Workforce management company WorkMarket has been acquired by ADP, for an undisclosed amount.
ADP is a cloud software developer that helps businesses get insights on employees. The company offers solutions for payroll, talent management, HR, benefits administration, retirement plans, tax compliance and insurance plans, among others.
Founded in 2010, WorkMarket helps clients to manage their employees through a simple and compliant platform that provides tools to find independent workers. Through the technology, clients can make instant electronic payments to the hired workers.
The New York-headquartered company is backed by investors including Union Square Ventures, Spark Capital, Foundry Group, and Accenture Ventures. The company has raised around $66m in funding over the years.
The acquisition means ADP will increase its workforce management solution to have broader functionality for HR professionals to manage and gain insights in to full-time employees and contingent workers.
ADP president and CEO Carlos Rodriguez said, ?WorkMarket allows us to provide ready access to a growing contingent labour pool and the tools to manage and pay them in a secure, efficient and compliant manner. Through this acquisition, ADP continues its tradition of helping clients keep pace with change and manage increasing complexity.p>
Last year, ADP acquired payroll and contract employee payments solution provider Global Cash Card. The acquisition was made to support ADP with the expansion of its paycard offering and improve its payments processing capabilities.
The infrastructure and enterprise software sector was dominated by the North American market last year. The region saw around 1.8-times more capital invested than the rest of the world combined.
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