ADP announced that it has acquired WorkMarket, a cloud-based workforce management solution provider that enables clients to build and manage a workforce comprised of both full-time and freelance employees.
Data from ADP shows that approximately 80 percent of U.S. businesses are already relying on independent contractors. And according to Gartner, by 2020 almost 60 percent of HR leaders will use a unified talent strategy for both W-2 employees and 1099 contractors.
Through this acquisition, ADP now has broad functionality for HR professionals to manage and provide insights for both freelancers and employees.
“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 labor 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,” said Carlos Rodriguez, president and CEO of ADP. “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.”
Backed by leading venture firms such as Union Square Ventures, Spark Capital and Foundry Group, as well as Accenture Ventures, WorkMarket solutions include tools to source and evaluate contractors, manage their schedules, and pay and evaluate each freelancer. In addition, clients can optimize how work is completed across any labor type.
“The WorkMarket team is thrilled to be joining ADP,” said Jeff Wald, co-founder and president of WorkMarket. “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.”