H.I.G. Growth Partners Makes Strategic Investment in Worksuite
San Francisco, CA – August 14, 2023 – H.I.G. Growth Partners (“H.I.G. Growth”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce that it has completed a strategic growth investment in Worksuite, a leading end-to-end freelancer operations management cloud software platform, which helps organizations build and manage their own contingent workforce networks.
Founded in 2015, Worksuite combines best-in-class features such as freelancer talent management, project management, automated compliance, tax forms, and payments. The Company enables its customers to recruit, onboard, manage and pay freelance workers in one centralized system. Worksuite has experienced profitable growth since its founding and serves more than 200 customers across a range of industries, with a global customer base that includes Disney, The Home Depot, Microsoft, CDW, Ferguson, Ziff Davis, and WebMD, all of whom leverage its platform to power their freelancer operations.
With over 1.5 billion freelance workers worldwide (47% of the global workforce), 66% of enterprises in the U.S. utilize freelance workers. The need for seamless management of contingent labor represents a large, growing addressable market opportunity for WorkSuite. Working with contractors remains highly complex compared to W-2 employees, given the need to accurately manage timesheets, compliance, tax forms, off-cycle payment runs and currencies across a global workforce. Managing this workflow improperly can lead to challenges which include government fines and an inability to attract top freelance talent due to missed or late payments. Worksuite automates regional freelancer compliance and payments in real-time across 200 countries and 120 currencies, reducing delays and complexity.
Enterprises have historically relied on cumbersome, manual processes or software built for W-2 employee management to manage contingent labor, creating an attractive market backdrop for Worksuites modern, flexible, purpose-built platform. Worksuite consolidates all freelancer operations into a unified system which is used daily across department teams within Business Operations, Finance, Legal, Procurement, HR, and Management.
Joey Frasier, Co-Founder and CEO of Worksuite commented, “We’re in the business of creating a better way to work together by making it faster and easier for companies to manage their freelance networks. As freelancer utilization reaches new levels, Worksuite will be in even greater demand from companies worldwide that will require an effective, scalable platform to organize their personnel for the new era of work. Our partnership with H.I.G. Growth provides the expertise and resources to address this market opportunity and expand our capabilities to the benefit of our growing customer base.”
Andy Lefkarites, Principal of H.I.G. Growth and Worksuite BOD Member spoke of the partnership, “We are excited to partner with Worksuite and assist them in their growth journey. Joey, Martin, and the rest of the team have built a best-of-breed solution which serves a massive and complex pain-point in the market. Worksuite’s daily-use system nature and high-ROI impact represent some of the core themes which H.I.G. Growth seeks to invest behind.”
Worksuite is a smart, user-friendly Freelancer Management System (FMS). Worksuite makes it easy for small and large companies to onboard, manage and pay external workers in over 200 countries with just a few clicks. Take care of compliance, reporting, and project management in a fraction of the time. From small start-ups to the world’s biggest brands, Worksuite is a complete solution providing powerful features and flexibility for every stage of business growth.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $59 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet, and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.