Utmost raises $21 million to expand its Workday-centric extended workforce system/VMS

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Utmost, an extended workforce system and VMS provider with native integration to Workday, announced a $21 million Series B round of funding. The round was led by Mosaic Ventures with participation by existing investors, Greylock Partners and Workday Ventures, and by new investors, Acadian Ventures and Alumni Ventures Group. The new funds “will accelerate product innovation and expand Utmost’s presence across North America and Europe,” the announcement said.

According to the announcement, the Utmost Extended Workforce System “through its native integration to Workday and a talent-centric approach to the extended workforce, delivers comprehensive visibility into all categories of workers beyond what traditional legacy vendor management systems (VMS) can offer.”

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Utmost CEO, Annrai O’Toole said in the press release, “We are starting to replace 20-year-old vendor management systems with a cloud-native, worker-friendly, enterprise-ready extended workforce system to enable our customers to manage their total workforce. This funding is an important milestone on our journey to make even more customers successful.”

“Utmost is rapidly increasing customer adoption among Fortune 1000 customers such as Ecolab, NortonLifeLock, and Colonial Life,” the company reported. And its international team has grown to over 50 employees and nearly 20 extended workers since 2018.

The Utmost solution provides a range of unique capabilities, based on the Workday integration. For example, business users can utilize an integrated Workday HCM and Utmost organization structure which allows them to look at employee and non-employee workers in an enterprise org chart.

The vice president of human resources, global talent contingent workforce solutions, Jason Grosz, at EcoLab (a Workday and Utmost customer) was quoted as saying: “Integrating with Workday is essential to creating a cohesive experience for our managers and workers. We can now get full visibility and control over workers in more geographies with Utmost, in a way that seamlessly connects with Workday.”

Sarah Guo, general partner at Greylock was quoted as saying: “CEOs, CHROs and CFOs leaders are facing unprecedented challenges as they design new workforce strategies to compete in today's uncertain business environment.” She added that businesses are “seeing a big gap between what their legacy vendor management systems can provide and the agile extended workforce management solution they need.”

Spend Matters has been following Utmost since 2019. And we have been analyzing the evolution of VMS solutions and the emerging trend toward solutions that provide enterprises with more capabilities to more broadly source and manage all external workers and services and address new workforce use cases. To read more about out perspective, read “Five scenarios for VMS 2025: Scenario 3 — Extended workforce rising.”

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