Accenture Invests in and Partners with WorkMarket to Help Enterprises Address the Future of Work — Now

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Professional services firm Accenture has taken a minority share in WorkMarket, a “work automation platform” business founded in 2010. Accenture and Foundry Group together invested $25 million in this most recent round. Between June 2010 and January 2015, WorkMarket raised $41 million in four rounds; this most recent round raises the cumulative total to $56 million.

Concurrent with the funding announcement, WorkMarket has also announced its partnership within Accenture Cloud Services, which “offers cloud computing solutions to organizations looking to achieve high performance with cloud computing technology.” Accenture Cloud First Applications include Workday and Oracle.

“Accenture is planning on integrating WorkMarket’s capabilities into its industry leading Cloud First Applications team, which delivers cloud services for ‘pure play’ Cloud technologies that enable clients to improve their business growth, agility and competitive advantage,” said WorkMarket CEO Stephen DeWitt.

Accenture stated in its Tech Vision 2016 that leading enterprises are “reshaping themselves to rapidly adapt to any disruption. In essence, they’re creating a ‘liquid workforce.’ Specifically, to compete in today’s market, companies must look beyond just updating skills. To drive change, they will need to become agile at each level of their business: their skills, their projects and their organizations.”

To that end, DeWitt emphasized that Work Market shares Accenture’s vision that “the future of work has already arrived, and digital leaders are fundamentally reinventing their workforces. Driven by a surge of on-demand labor platforms and online work management solutions, legacy models and hierarchies are being dissolved and replaced with talent marketplaces.”

WorkMarket presents itself as an “OS for Work,” which enables organizations to build, automate and scale their own networks (or “labor clouds”) of skilled talent — whether freelancers, full-timers and vendor -- the company reports.

Technology providers of online work platforms of various types have been attempting to breach the walls of the enterprise for a number of years now, but with limited success. WorkMarket has been making significant investments over the past years to evolve from a field tech services marketplace platform to a freelancer management system (FMS) and, once again, to what it is today (as described above); and it is beginning to demonstrate traction within a range of enterprises including Walgreens and the New York Times.

The investment by and partner relationship with Accenture should not only open more enterprise doors but also signal a vote of confidence for WorkMarket’s platform and “OS for Work” strategy. What remains now is the test of more extensive enterprise adoption.

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