Tech-focussed investment bank ICON Corporate Finance has played a key role in advising JoinedUp, the London-based vendor and workforce management (VMS) Software as a Service (SaaS) company, on its acquisition by US-based workforce management platform Beeline.
Providing a world-leading Cloud-based workforce management solution, JoinedUp brings recruiters, workers and end-hirers together on a single platform that simplifies temporary staffing processes, enabling companies to eliminate unnecessary administration, resulting in greater efficiencies.
Beeline, which pioneered the world’s first extended workforce platform to solve the complexities of managing the modern workforce, saw JoinedUp as a perfect match, delivering workforce management solutions for non-employee workforces in high-volume, shift-based staffing environments, assisting with scheduling, time and attendance, complex rate calculations and invoicing.
In acquiring JoinedUp, Beeline now has access to a long-sought global solution for workflow and management of shift workers, enabling it to serve all contingent workforce needs for existing clients, new markets and customers for whom shift-work is the dominant source of non-employee labour.
With a data set encompassing more than 30 million workers and over $700 billion in talent spend spanning over 20 years, Beeline’s intelligence-driven platform has transformed how companies manage workforces in more than 120 countries.
The purchase of JoinedUp, which maintains its name under the deal, and will operate as a division of the business, affirms Beeline’s market leadership position as the only global platform with end-to-end capabilities and functionality for clients to source and manage the full spectrum of the extended workforce.
Commenting on the acquisition, Doug Leeby, Beeline CEO said: “High-volume shift-based work is about fulfilling open shifts. JoinedUp allows us to offer an elegant and efficient solution that benefits clients’ site personnel as well as staffing firms servicing this dynamic environment. JoinedUp has built an incredible team and a proven product. We look forward to introducing these integrated solutions to our clients.”
JoinedUp co-founder and owner, Adam Thompson, added: “Managing high-volume, shift-based assignments is massively inefficient, creating one of the biggest pain points for companies and workers alike. Organisations need to fill openings quickly and workers need a way to find shifts. When we take JoinedUp’s capabilities and pair them with Beeline’s extensive client base, we will have a huge impact and enable better productivity for enterprises, staffing firms and workers alike.”
Adam added: “This deal is a great match. ICON did an amazing job for us and played a key role in making it a smooth, swift and efficient process, exceeding all expectations.”
Simon Moynagh, Partner at ICON Corporate Finance, commented: “We really enjoyed working with the founders on this exit. The SaaS solution they have developed combines a very specific focus on the shift-based labour market with excellent capability, and it is therefore no surprise that JoinedUp is so well endorsed. The acquisition by Beeline is hugely exciting providing global scale to JoinedUp’s platform with the strong backing from one of the top tier global PE funds, New Mountain Capital. We wish the enlarged group success in this next phase.”