WorkMarket

WorkMarket is a New York City-based company that provides an online platform and marketplace for businesses to manage freelancers, contractors, and consultants.[2] The company was founded in May 2010 by Jeffrey Leventhal and Jeff Wald.[3]

WorkMarket
IndustryEnterprise Software
Founded2010
FoundersJeff Wald, Jeffrey Leventhal
Headquarters
New York, New York
Number of employees
156[1]
ParentAutomatic Data Processing (ADP)
Websiteworkmarket.com

In January 2018, WorkMarket was acquired by the payroll automation firm, Automatic Data Processing (ADP) for an undisclosed amount.[4]

Software

The company markets its online platform and marketplace directly and through partnerships to business that work with and leverage freelancers, contractors, and consultants as part of their overall talent strategy.[3] Many companies also use WorkMarket independently from the marketplace to manage their existing freelance talent communities.[3][5]

WorkMarket allows "buyers" to find workers, verify credentials, engage and onboard talent, manage work assignments and projects, process payments, and rate workers.[6] For workers, WorkMarket provides a marketplace to search and apply for assignments, share resumes, and build digital portfolios. Both companies and workers use WorkMarket's dashboard to manage current assignments. Workers can use the mobile app to find and manage assignments.

History

CEO Jeffrey Leventhal conceived of the idea for WorkMarket after founding and selling OnForce, a previous business he started that helped manage IT talent.[3][7] His industry experience led him to believe that there was an opportunity to provide a more efficient method for hiring and managing contractors.[3] To form a founding team, Leventhal agreed to partner with Jeffrey Wald. In 2011, the company launched a beta version of the WorkMarket platform to a group of 20 companies. Until 2012, WorkMarket operated as an invitation-only service while it worked to build a larger base of corporate clients.[3][6]

In January 2015, WorkMarket hired Stephen DeWitt as its CEO.[8]

WorkMarket's board of directors and advisor team consists of, among others, Union Square Ventures' Fred Wilson,[9] Spark Capital's Mo Koyfman,[10] Jeffrey Leventhal, Tig Gilliam,[11] and Jordan Levy.[6] Tig Gilliam was named Chairman in February 2015.[12]

Between 2010 and 2017, WorkMarket raised a total of $60+ million in venture funding.[1][3][6]

Recognition

Gartner recognized WorkMarket as a Cool Vendor in Procurement Sourcing in 2015.[13] WorkMarket has also been featured in Spend Matters research.[14]

Having experienced two-year growth of 581%, WorkMarket was named No. 20 on the 2014 list of Crain’s New York Business Fast 50.[15] WorkMarket has also been recognized by Forbes as one of America's Most Promising Companies for 2014.[1][16][17]

Jeffrey Leventhal has also been honored as Staffing Industry Analysts Top 100[18] and he and Jeffrey Wald have been cited on the changing freelance economy by Bloomberg, Fortune, Huffington Post, Staffing Industry Analysts, CRN Magazine, Entrepreneur, IT Business Edge, U.S. News & World Report, and HR.com.

References
  1. "Work Market". Forbes. Retrieved May 1, 2014.
  2. "New tech companies say freelancing is the future of work\publisher=The Washington Post". Retrieved June 22, 2015.
  3. "Work Market manages IT staffers the one-stop way". Crain's New York Business. Retrieved May 1, 2014.
  4. Deutscher, Maria (2018-01-22). "Payroll giant ADP acquires worker management startup WorkMarket". siliconANGLE. Retrieved 2018-01-23.
  5. "Your next job, next year, may be self-employment". Computerworld. Retrieved May 1, 2014.
  6. "Work Market lands $10m to bring its service for managing freelance workforces out of stealth mode". The Next Web. Retrieved June 22, 2015.
  7. "Jeffrey Leventhal speaks about Work Market and work markets". Gigaom. Retrieved May 1, 2014.
  8. Group, The Devon (2015-01-13). "Work Market Appoints Stephen DeWitt as Chief Executive Officer". GlobeNewswire News Room. Retrieved 2020-07-10.
  9. "Union Square Ventures, Spark Capital invest in Work Market". VentureBeat. Retrieved May 1, 2014.
  10. "Twitter Investor Spark Promotes Mo Koyfman To General Partner". Wall Street Journal: Venture Capital Dispatch. Retrieved May 1, 2014.
  11. "People: Work Market, Staffing Consultants, Prestige Employee Administrators". Staffing Industry Analysis. Retrieved May 1, 2014.
  12. "Work Market Names Former Adecco Group NA CEO Tig Gilliam as Chairman of the Board". Marketwired. Retrieved June 22, 2015.
  13. "Cool Vendors in Procurement and Sourcing Technology, 2015". Gartner. Retrieved June 22, 2015.
  14. "Exploring Work Market: A Procurement Platform For a Post-VMS-Services World". Spend Matters. Retrieved June 22, 2015.
  15. "Crain's New York Business Fast 50". Crain's. Retrieved June 22, 2015.
  16. "America's Most Promising Companies 2014". Forbes. Retrieved May 1, 2014.
  17. "Work Market on Forbes' Most Promising Companies list". Newsday. Retrieved May 1, 2014.
  18. "Staffing Industry Analysts Top 100". Staffing Industry Analysts. Retrieved May 1, 2014.
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