France-based marketplace Freelance.com has acquired OpenWork, a supplier of umbrella company services to freelancers. The terms of the deal, which was fully financed through equity, were not made public.

Founded in 2011, OpenWork is mainly active in France and Belgium. It seeks to help consultants grow their business and simplify freelancers’ operations, conferring on them protection through employed status.

It had a turnover of €70 million ($75.1 million U.S.) in 2022 and over 1,200 freelancers.

Freelance.com cited OpenWork’s capped offer, digitized platform, and the performance of its digital tools and their ease of use for consultants, both in the web and mobile versions, as factors in the acquisition.

“This merger allows Freelance.com to consolidate a fragmented umbrella company market, become the benchmark in management and services for freelancers, and manage a range of brands targeting different types of consultants,” it said, announcing the move on its site.

“This alignment significantly boosts the commercial and marketing power of the entity with better margin control and enhanced investment capability.”

Freelance.com added that OpenWork’s services would complement its own, serving employed freelancers, both in France and internationally. The latter’s Belgian subsidiary, opened six years ago, will support Freelance.com’s international coverage, especially in Switzerland (where it operates Helvetic Payroll) and Morocco.

“Furthermore, OpenWork benefits from Freelance.com’s extensive and unique range of services in sourcing, resource management, umbrella company services, and b-to-b freelance services, supported by a structured and experienced team,” said the marketplace.

The operational teams are due to be merged this month.

Freelance.com is active in Germany, England, Morocco, Singapore, Switzerland and Luxembourg.

In March, it said it was continuing to review external growth opportunities in France and Europe and was confident that it would achieve its target of €1 billion in revenue by 2025.

Offering a complete range of services, including sourcing expertise, external resource management, project management, wage portage and compliance, the Freelance.com group describes its objective as “to free, simplify and secure relations between businesses and their external talent.”

Print Friendly, PDF & Email

Related Articles