There were several interesting recent acquisitions in the gig economy space.
Last week the online talent marketplace Fiverr announced they had acquired AND CO, a provider of financial and client management software for freelancers.
Fiverr also announced AND Co's product suite, which was a paid subscription service, would be free for all.
Fiverr is doing in this as part of a broader strategy to create an ecosystem of products and services to support freelancers. This goal of this is, of course, to attract more freelancers to their platform.
Key quote from AND CO's blog post:
Fiverr is building the leading global freelance ecosystem—a mission that extends beyond simply allowing freelancers to source and secure their next Gig or get the services they need to grow their business. This next evolution in Fiverr’s own path is to deliver the end-to-end solutions needed to support today’s freelance economy, which includes offering intuitive and time-saving business and accounting tools that allow to you focus more time on what you love: the work.
The video below is from Fiverr and provides their explanation for the deal.
Expect to see more acquisitions and partnership announcements from Fiverr in the near future.
Also last week payroll giant ADP announced they were acquiring WorkMarket.
WorkMarket provides a platform that allows corporations to manage their on-demand freelance talent pool. Their client list includes The New York Times, Pitney Bowes, Walgreens and Warby Parker and others.
ADP manages the payrolling process for about 1 out of every 6 American employees. But they have limited gig economy offerings. Acquiring WorkMarket helps to fill this gap.
See the Spend Matters article ADP Acquires WorkMarket, Steps into Contingent Workforce and Total Talent Management Space for more details.
We expect to see more acquisitions in the gig economy space in the coming months.
Firms large and small are recognizing the increasing importance of offering gig economy products and services. This is resulting in a variety of firms turning to acquisitions to broaden their offerings (IKEA's acquisition of Task Rabbit being another interesting example).
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