UpWork buys its way to corporate employees beyond independents

UPWORKA platform linking companies with independents announced the acquisitions of helping to build new businesses that can expand the market.

The San Francisco -based company has announced that it has acquired bubtyA platform for manpower management, and signed a final agreement to obtain riseGlobal Compliance and EOR (employer), before inviting the second quarter profits on August 6.

UpWork will integrate these two companies into the work of the current institutions to create an independent entity under the UpWork umbrella.

This step is important because it will allow business to provide access to talents beyond the independent workforce that UpWork is famous for – maintaining the company mainly to compete in new areas of the corporate employment market. The new entity will support the types of contracts, including the registry agent, the employer in the registry, and the increase of employees.

The UpWord and CEO Hayden Brown told Techcrunch that the timing was appropriate in launching this new work that focuses on institutions because the current UpWork institutions are increasingly asking to reach these talent complexes.

“Most of the service providers today force their customers to choose between flexibility, compliance, speed and size, or having a digital tool in exchange for a really strong and institutional thing,” said Brown. “With this new ability, we reject the settlement. We give our customers all the benefits they are looking for, and we have heard loudly and clearly want this single solution.”

Brown said that the business of the current institutions in UpWork constitutes about $ 100 million in the total costs of the company, which costs 750 million dollars in annual revenue.

UpWork decided to make the institution’s business an independent entity because institutions have very different needs in compliance and integration of programs from small and medium -sized businesses that work with it.

Brown said that keeping them separate allows a better external brand and a better internal focus.

Brown said UpWork examined more than 100 potential companies to gain this work. The company landed on Bubty and ASCEN not only when they brought it separately but also how they work together – UpWork has tried companies individually and some together.

Brown added: “We have seen through the strength of these pilots the impact of their technology and the ease of capture it mainly with what each of them offers, in addition to our current offer to present something new and very innovative in the market.”

Brand details and full offers for new independent business are scheduled to be unveiled later this year.