Velocity Global, a worldwide provider of global expansion solutions, today announced its acquisition of iWorkGlobal, a wholly-owned subsidiary of Gary D. Nelson and Associates, and a $100m growth investment from private equity firm FFL Partners.
The combined company, under the Velocity Global name, creates the largest U.S. domestic and global Employer of Record (EoR) and accelerates the future of remote work for companies around the world.
The investment from FFL Partners, a firm focused on growth investments in middle market companies, will also be deployed by Velocity Global to support additional strategic acquisitions, technology development, and to further expand the company’s global footprint.
Ben Wright, Velocity Global founder and CEO said: “This strategic acquisition combines scale and expertise in a single platform for companies to employ top talent in another state or another country, quickly and compliantly. We welcome the iWorkGlobal team, its clients, supported employees, and partners to the Velocity Global family at an inflection point for companies as we exit a pandemic that fundamentally removed the worker from the workplace.”
Jeff Phelps, iWorkGlobal co-founder and CEO continued: “At iWorkGlobal, we viewed ourselves as a strategic partner to our clients and this outlook aligns with the ‘People First’ brand of Velocity Global. Combining our strengths allows us to deliver complementary expertise, capabilities, and new geographies to clients and their supported employees in the U.S. and around the globe.”
Craig Nelson, Board Chairman of Gary D. Nelson and Associates said: “As workforces have become more distributed, iWorkGlobal positioned itself as a leader in talent engagement solutions. It’s a testament to Jeff’s leadership and the hard work and dedication of the iWorkGlobal team that Velocity Global proactively sought out this combination of market leaders.”
Brands rely on Velocity Global’s expertise and global infrastructure to hire compliantly without the cost or complexity of setting up their own foreign legal entities or state registrations. As the Employer of Record, Velocity Global manages in-country and in-state compliance, payroll, and benefits for its clients’ supported employees.
As a result of this transaction, Velocity Global expands its offering to include EoR services in all 50 United States in addition to its EoR capabilities in more than 185 countries.
Velocity Global now guides, counsels, and serves more than 700 brands and their 4,000 supported employees. Clients include small start-ups to enterprise businesses.
The combined company has supported remote teams for hundreds of public companies with an aggregated market capitalization of more than $2tn, and private companies funded by more than $60bn.