Enterprise software provider Workday has agreed to acquire Vndly, a US-based provider of human resources management software, marking exits for enterprise software producer ServiceNow and identity management software provider Okta.
The companies did not disclose the transaction price but it was reported by TechCrunch as $510m.
Vndly has developed a platform to help companies manage their external workforce personnel. It will be integrated with Workday’s product offering, with the aim of providing customers with a comprehensive view of their workforce.
ServiceNow took part in a $35m tranche of Vndly’s series B round, in late 2019, which was led by venture capital firm Insight Partners and which included existing backers Battery Ventures, Epic Ventures, Hyde Park Venture Partners, Bowery Capital and Cintrifuse Syndicate Fund.
Madrona Venture Group supplied $8.5m in series B-1 financing in May 2020 to take the company’s total funding to $57.5m. Okta’s corporate venturing subsidiary, Okta Ventures, invested an undisclosed sum the following month.
Pete Schlampp, chief strategy officer for Workday, said: “As organisations expand the definition of their workforce to meet growing business and talent demands, they need solutions that provide a holistic view of all worker types – including contingent workers – so they can better plan for and meet the great opportunity in front of them.
“Vndly is at the forefront of the vendor management industry with an innovative and intuitive approach. The powerful combination of our technologies and talent will help customers better manage their evolving workforce dynamics, helping them keep pace with today’s changing world of work.”
