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Payroll giant ADP acquires worker management startup WorkMarket
ADP LLC says about 80 percent of American businesses rely on contractors to one extent or another. To address the phenomenon, the payroll automation giant has acquired a well-funded startup called WorkMarket Inc. in a deal announced this morning.
New York-based WorkMarket provides a platform through which a company can centrally manage contractors and the other segments of its talent pool. At the core of the service is a task assignment mechanism that automatically identifies personnel with the necessary qualifications to take on a given project.
On top of their own staffers, WorkMarket allows organizations to contact outside professionals via a built-in freelancing marketplace. The startup says that the network includes more than 300,000 workers from fields such as marketing, technology and retail. A company can also use the platform to find fellow firms that offer services such as network administration.
For workers, the startup provides a mobile app that enables them to browse assignments and submit deliverables. There’s also a reporting feature that allows users to keep an eye on the progress of projects in which they’re taking part.
WorkMarket offers similar monitoring capabilities for managers looking to track the productivity of the professionals they oversee. Then once a project is complete, companies can pay personnel directly through the interface.
WorkMarket’s one-stop-shop approach to personnel management seems to have struck a chord in the industry. According to the startup’s website, the platform is used by major brands such as The Walgreens Co., Yahoo! and The New York Times among others. ADP is counting on the software to cement its position in human resource management.
The company said the acquisition of WorkMarket will make it the “first human capital management provider with robust freelancer management functionality and reporting insights across all workers.” That could potentially give ADP a technological edge over the other major players in the market, namely Oracle Corp., Workday Inc. and SAP SE.
The terms of the acquisition were not disclosed. WorkMarket raised $66 million from investors prior to the buyout.
Image: WorkMarket
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