A few hours ago, Workday announced that it may acquire VNDLY, an external workforce management startup in a $510 million cash deal. The deal is slated to close by the end of January 31, 2022 – the fourth quarter of the Workday’s fiscal year 2022.
According to a statement by Workday, the acquisition will allow its users to use its solutions to manage “end-to-end processes” for permanent employees and integrate external workforce data from VNDLY. This will enable them to formulate better plans, create a holistic talent strategy, plan workforce requirements, and more.
VNDLY and Workday’s unified solution
Companies from around the world have recognized that they need to modify their workforce composition. This is important to manage different types of workers and deal with a myriad range of contributors such as expanding the workforce to fulfill the increasing business needs.
In addition, employees are also looking for flexible work arrangements along with more personalized experiences. The arrival of the pandemic has accelerated these demands, due to which, organizations are required to modify their workforce management.
Companies of all sizes should embrace a holistic workforce management strategy to stay competitive and keep up with the evolving landscape. The combination of Workday Financial Management and Workday Human Capital Management (HCM) with VNDLY will offer a well-rounded unified solution. This platform will allow companies to manage, execute, and analyze their workforce.
What will the new solution offer?
The coming together of VNDLY and Workday will offer organizations a centralized system to manage the records of their entire workforce. This will pave the way for better collaboration with different departments and functional leaders.
The unified solution will offer an overview of your entire workforce – from full-time employees to part-time workers. Organizations will be able to make data-driven decisions and also adopt a better approach while analyzing rewards for contingent workers.
The agreement states that Workday will partner and also invest in VNDLY’s managed services to offer critical service capabilities to customers. Besides, VNDLY will also continue to integrate with other third-party finance, IT, legal, and HR systems.
More about VNDLY
VNDLY was founded in 2017 and primarily manages how different organizations manage their additional workforce. The cloud-based platform comes with a range of pre-built API integrations that enable users to create and support different tech ecosystems.
More about Workday
Workday is a popular enterprise cloud platform for human resource and finance management. Workday’s solutions are used by over 1,000 organizations from around the world spread across a myriad of industries.