VNDLY Acquisition, Valuation, Funding & Investors

VNDLY was acquired by Workday for $510M in November 2021.

See full VNDLY profile

VNDLY acquisition price

$510M

Acquired by Workday · Nov 2021

Cumulative funding VNDLY raised

$58M

across 4 funding rounds

Key investors in VNDLY

  • EPIC Ventures
  • Bowery Capital
  • Battery Ventures
  • Hyde Park Venture Partners
  • Cintrifuse Syndicate Fund
  • Insight Partners
  • Madrona
  • ServiceNow

VNDLY Overview

About VNDLY

VNDLY is a New York-based cloud platform for vendor management, handling contingent workforce, statement of work projects, independent contractor compliance, and total talent acquisition. Acquired by Beeline in 2022, it automates sourcing, onboarding, payments, and offboarding for enterprises. The solution integrates with HR systems for Fortune 500 clients managing non-employee populations.


Founded

2017

HQ

United StatesCincinnati, OH

Website

vndly.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$510M (acquired Nov 2021)

VNDLY Acquisition

VNDLY was acquired by Workday for $510M on 18 November 2021.

Before the acquisition VNDLY had raised $58M across 4 funding rounds.

Workday, a provider of enterprise cloud applications for finance and human resources, announced on November 18, 2021, its intent to acquire VNDLY, a Mason, Ohio-based leader in cloud-based external workforce and vendor management technology, for approximately $510 million in cash, subject to adjustments. The deal was expected to close in Workday's fiscal Q4 2022 ending January 31, 2022, pending regulatory approvals. VNDLY specializes in managing contingent workers, providing organizations with tools for visibility into costs, workforce planning, and compliance across salaried, hourly, contingent, and outsourced workers. The acquisition aims to create a unified workforce optimization solution within Workday's platform, enabling customers to manage all worker types holistically and support evolving talent strategies amid changing workforce dynamics accelerated by the pandemic. Workday plans to continue partnering with and investing in VNDLY's managed services provider network while maintaining integrations with third-party HR, finance, IT, and legal systems. VNDLY's CEO Shashank Saxena highlighted the value of cloud technologies for complex workforce management, and Workday's Chief Strategy Officer Pete Schlampp emphasized VNDLY's innovative approach to vendor management.

VNDLY acquisition details
AcquirerDateTypePrice
18 Nov 2021Strategic M&A$510M

VNDLY Funding History

VNDLY has raised a total of $58M across 4 funding rounds.

VNDLY's first fundraising round was a $3M seed round in May 2017. The most recent completed round was a $9M Series B in May 2020.

VNDLY funding rounds

VNDLY funding rounds
DateStageInvestorsRaisedDeal Summary
May 2020Series BMadrona (lead)$9MVNDLY is a Cincinnati-based cloud-based workforce management systems provider specializing in vendor management systems (VMS). Founded in 2017, the company serves Fortune 500 clients and challenges legacy VMS firms through innovation. On May 5, 2020, VNDLY raised $8.5 million in a Series B-1 funding round led by Madrona Venture Group from its Acceleration Fund. Madrona's Steve Singh, former CEO of Concur, joined the VNDLY board. This brought total external funding to $57.5 million, following a $35 million Series B in 2019. VNDLY plans to use the investment for industry-changing innovation, global expansion, and product development, including new software modules.
Dec 2019Series BInsight Partners (lead); Cintrifuse Syndicate Fund; ServiceNow; Battery Ventures; Bowery Capital; EPIC Ventures; Hyde Park Venture Partners$35MVNDLY raised $35 million in Series B funding led by Insight Partners in December 2019, with participation from Battery Ventures, Bowery Capital, Cintrifuse Syndicate Fund, EPIC Ventures, and Hyde Park Venture Partners. This round brought the company's 2019 total funding to $46 million. The company provides vendor management solutions designed to deliver user experience, intelligent insights, and improved productivity for workforce management at competitive pricing, with real-time reporting and analytics capabilities.
Feb 2019Series ABattery Ventures (lead); Hyde Park Venture Partners (lead); Cintrifuse Syndicate Fund; Bowery Capital; EPIC Ventures$11M-
May 2017SeedBowery Capital (lead); Vine St. Ventures; EPIC Ventures$3MVNDLY, a Cincinnati-based cloud-native vendor management system (VMS) provider, completed a $3 million seed round in mid-2017 led by Bowery Capital, with participation from EPIC Ventures and Vine St. Ventures, and launched with beta clients. The funding served as an experiment to validate market need for a modern VMS solution, resulting in growth among smaller mid-market clients. This positioned the company for subsequent raises, including an $11 million Series A in February 2019 with Battery Ventures and Hyde Park Ventures, followed by a $35 million Series B in December 2019 led by Insight Partners, bringing total external funding to $49 million at that time. VNDLY added multiple new clients over the following year, including 12 Fortune 500 companies, half in financial services, spanning industries such as healthcare, retail, automotive, oil and gas, energy, manufacturing, and higher education. The Series B funding supported continued product innovation, global expansion, customer service, and support.

Who has invested in VNDLY?

9 investors have backed VNDLY across its funding rounds, including EPIC Ventures, Bowery Capital, Battery Ventures, Hyde Park Venture Partners, Cintrifuse Syndicate Fund and Insight Partners.

Lead investors include Madrona, Insight Partners, Battery Ventures, Hyde Park Venture Partners and Bowery Capital.


VNDLY Investors

Investors in VNDLY by funding rounds participated
InvestorHQRoundsRoleFirst check
Bowery CapitalUnited StatesNew York City, NY3LeadMay 2017
EPIC VenturesUnited StatesSalt Lake City, UT3ParticipantMay 2017
Cintrifuse Syndicate FundUnited StatesCincinnati, OH2ParticipantFeb 2019
Battery VenturesUnited StatesBoston, MA2LeadFeb 2019
Hyde Park Venture PartnersUnited StatesChicago, IL2LeadFeb 2019
ServiceNowUnited StatesSanta Clara, CA1ParticipantDec 2019
Vine St. VenturesUnited StatesCincinnati, OH1ParticipantMay 2017

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VNDLY Competitors

VNDLY competitors include listed companies like Teamshares and Asure Software, and private ones like Assembled, Rali, Payactiv and Homebase.

Public and private companies comparable to VNDLY
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AssembledUnited StatesSan Francisco, CAPrivate--$1B-
RaliUnited StatesAlpharetta, GAPrivate--$175M-
PayactivUnited StatesSan Jose, CAPrivate--$500M-
HomebaseUnited StatesSan Francisco, CAPrivate--$550M-
TeamsharesUnited StatesUnited StatesPublicly listed$472M($23M)$545M1.4x
Asure SoftwareUnited StatesUnited StatesPublicly listed$141M$20M$245M1.9x

VNDLY Public Comps

VNDLY is no longer listed, but its public comps include Teamshares, RWS Holdings, Nordtech Group, AdvancedAdvT, Beisen Holding, CS Disco, Zaggle Prepaid Ocean, Asure Software, DHI Group and Hibino.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
RWS Holdings$927M($26M)0.7x0.7x(27.2x)4.8x
Nordtech Group$72M$15M5.1x-25.2x-
AdvancedAdvT$72M$13M2.5x2.4x14.1x8.9x
Beisen Holding$165M$2M0.3x0.3x22.3x5.2x
CS Disco$157M($44M)1.1x1.0x(4.0x)(22.1x)
Zaggle Prepaid Ocean$199M$20M1.0x1.0x10.4x10.7x
Asure Software$141M$20M2.1x1.9x15.2x8.0x

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Common questions about VNDLY

When was VNDLY founded?VNDLY was founded in 2017.
Where is VNDLY headquartered?VNDLY is headquartered in Cincinnati, OH, United States.
Is VNDLY publicly listed?No, VNDLY was acquired by Workday in November 2021.
Who acquired VNDLY?VNDLY was acquired by Workday in November 2021.
How much was VNDLY acquired for?VNDLY was acquired for $510M in November 2021.
How much funding has VNDLY raised?VNDLY has raised $58M across 4 funding rounds.
What was VNDLY's last funding round?VNDLY's last funding round was a $9M Series B in May 2020, led by Madrona.
Who are VNDLY's investors?VNDLY's investors include Bowery Capital, EPIC Ventures, Cintrifuse Syndicate Fund, Battery Ventures, Hyde Park Venture Partners, ServiceNow, Vine St. Ventures, Insight Partners and Madrona.
Which companies are comparable to VNDLY?Companies comparable to VNDLY include Assembled, Rali, Payactiv, Homebase, Teamshares and Asure Software.

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