Consulting firm Accenture and telecommunications group SoftBank have exited US-based workforce management technology provider WorkMarket in an acquisition of undisclosed size by human resources software producer ADP.
Founded in 2010, WorkMarket has built a software platform that helps businesses find and vet independent contractors and freelancers, and integrate them organisationally with their full-time workforce.
The company had raised $66m in funding, most recently closing a $25m round in April 2017 that included Accenture’s corporate venturing unit, Accenture Ventures, and venture capital firm Foundry Group.
SoftBank subsidiary SoftBank Capital joined existing investors Union Square Ventures and Spark Capital to provide $10m in funding for WorkMarket in 2013, before all three returned for a $20m round two years later also backed by Industry Ventures and Silicon Valley Bank.
ADP chief executive Carlos Rodriguez said: “At ADP, we innovate by anticipating how the world of work evolves and how dynamics – like the rise of the gig economy – impact the needs of our clients and the modern workforce.
“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.”