Velocity Global Announces the Acquisition of Shield GEO
Velocity Global strives to scale its top global work platform with the acquisition of Shield GEO.
FREMONT, CA: With the acquisition of Shield GEO, an established global Employer of Record (EoR) provider, Velocity Global strives to scale its top global work platform. Velocity Global has made two acquisitions this year, the first being iWorkGlobal in April.
The company used funds from FFL Partners' $100 million growth investment announced in April to make the transaction. The details of the deal were not disclosed.
Velocity Global expands its global work platform, making it easier for employers and employees. The platform brings together the company's cloud-based workforce management technologies, personalized expertise, and global reach. Users have access to automated technologies and the opportunity to work with a specialized experience team for tailored solutions and expertise.
Velocity Global manages a client's workforce by delivering in-country and in-state compliance, payroll, and benefits for the supported employees as the most prominent global EoR in 185 countries and 50 US states. In addition, the company provides Independent Contractor Compliance to evaluate a workforce and Agent of Record (AoR) to expedite payments to contractors around the world.
"For the last seven years we built our platform to support how and where work gets done. This now allows us the strategic position to scale up to meet the accelerated demand from the shifting workforce," said Ben Wright, Velocity Global founder, and CEO. "Both sides of the employment equation -- employers and employees -- fundamentally changed in the last 18 months. It's not just about working from anywhere, it's about how to recruit, how to retain employees, how to grow revenue, and how to manage a newly empowered work-life balance."
The "future of work" or gig economy is worth $4.5 trillion, according to a 2020 report from Staffing Industry Analysts.
"Velocity Global's continued profitable organic growth sets the foundation for further scale through strategic acquisitions," said Cas Schneller, FFL Managing Partner. "Both of the company's recent acquisitions were of profitable, strong businesses at a time when scale is needed to match the market. Velocity Global strengthens its leadership position in the future of work."
"We share a proud history of organic growth, and now was the time to combine the global reach of Shield GEO with that of Velocity Global and deliver an even greater experience that the market is demanding," said Duncan Macintosh Shield GEO co-founder. "This combination multiplies the growth opportunity for our team."
"We have known Ben and Velocity Global for a long time and we've always viewed our industry similarly, especially in terms of how we service our customers and the employees that we support for them," said Tim Burgess, Shield GEO co-founder. "Delivering a great human-focused customer experience is important to all of us. We are excited by what our combined teams can do together."