Growth capital will support global expansion and product development
DALLAS, TX - June 18, 2015 - OneSource Virtual (OneSource), an innovative Business Process as a Service (BPaaS) provider and Workday (NYSE: WDAY) services partner, today announced a $150 million equity investment from Technology Crossover Ventures to support global expansion, the development of its Finance & Accounting Outsourcing (FAO) offering, and the expansion of other technology-enabled products and services for Workday customers. Technology Crossover Ventures joins previous investor Halyard Capital. The investment closed on June 4, 2015.
“This investment from Technology Crossover Ventures further validates our business model is more than just ahead of the curve, it’s cutting-edge and will create opportunities for accelerated growth into the future,” said Brian Williams, co-founder and CEO for OneSource Virtual. “Through this partnership, we will be able to better serve our existing customer base with expanded offerings, while developing new customer and partner relationships in North America and abroad.”
The company’s proprietary technology, Atmosphere, provides Workday customers with real-time, in-application service delivery. Atmosphere allows OneSource to offer services in an efficient, highly scalable and secure environment. As a result, the company has rapidly grown to deliver BPaaS to companies across the globe. OneSource is setting the standard to which all other providers will need to deliver outsourcing services in the future.
"This investment is a testament to the value that OneSource delivers to Workday customers," said Jim Bozzini, executive vice president, customer operations for Workday. "We look forward to seeing the company's continued growth as they help more customers transform their businesses for the future."
Ranked No. 83 on the Forbes 2015 List of America’s Most Promising Companies, OneSource CEO Brian Williams was also named a 2014 Ernst & Young Entrepreneur Of The Year in the category of Emerging Growth Company for the southwest region.
“We invest in many market-leading technology companies. There was a lot of excitement around OneSource Virtual and their unique and innovative approach. The in-application service delivery model OneSource developed for Workday customers puts them at the forefront of their industry,” said Jake Reynolds, general partner of Technology Crossover Ventures. “This company’s tremendous growth has been incredible to witness and we look forward to working with their innovative management team as this growth continues.”
William Blair & Company, LLC, acted as advisors on the transaction.
About OneSource Virtual
Founded in 2008, OneSource Virtual is a pioneer of Business Process as a Service (BPaaS) and supports the automated delivery of solutions exclusively for Workday. OneSource Virtual’s services empower organizations of all sizes by encouraging HR to become a strategic partner within the organization, aligning to business growth and scaling by demand through Workday deployment, consulting, training, and in-application payroll administration, benefit administration and application management services. OneSource Virtual is headquartered in Irving, Texas, with a processing center in Mesa, Ariz. For more information, please visit www.onesourcevirtual.com.
About Technology Crossover Ventures
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 20 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, Rent the Runway, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit www.tcv.com.