PE-backed Openforce acquires Flexible Workforce

Openforce, a portfolio company of Riverside Partners, has acquired Flexible Workforce LLC, a vendor management platform for the courier, last mile and logistics segments. No financial terms were disclosed.

PRESS RELEASE

BOSTON, April 30, 2019 /PRNewswire/ — Riverside Partners, a Boston-based private equity firm, announced today that its portfolio company, Openforce®, provider of the most widely adopted platform for onboarding, contractor and vendor settlement, compliance management and risk mitigation solutions for independent contractor workforces, has acquired Flexible Workforce, LLC, a leading contractor and vendor management platform for the courier, last mile, and logistics segments. No financial terms were disclosed.

“We are very excited to combine “forces” and provide even greater value to our clients, independent contractors and contract vendors,” Ryan Kelly, CEO of Openforce, said. “The combination of Openforce and Flexible Workforce broadens our footprint in the marketplace, adds an additional software platform to our product offering and brings to Openforce a very talented and experienced team from Flexible Workforce.”

Steven F. Kaplan, a General Partner at Riverside Partners and Chairman of the Board of Openforce added, “We are excited to welcome courier industry veterans Rob Slack and Kirk Godby, the co-founders of Flexible Workforce, to the Openforce team. With this acquisition, Openforce will add Flexible’s automated software platform for recruiting, onboarding, contractor and vendor payments and contractor retention to its product offerings.”

Michelle Noon, a General Partner at Riverside Partners, added, “The Flexible Workforce platform, which will now be offered under the Openforce banner, helps logistics and delivery companies and independent contractors remain compliant with regulation and reduce administrative burdens for their businesses.” Christopher Ryan, a Partner at Riverside Partners, added, “Flexible also brings additional depth and relationships in their end markets, complementing Openforce’s offerings”

About Openforce
Openforce® is the leader in technology-driven services that reduce operating costs and mitigate compliance risk for companies using independent contractors. Openforce frees contracting companies from the burden of onboarding, contracting, and settlement processing while helping contractors build their business. Our cloud-based applications help businesses achieve more sustainable, profitable growth by removing financial, operational, and compliance barriers to getting business done. Openforce is a portfolio company of Boston-based private equity firm Riverside Partners. Learn more at www.oforce.com.

About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund VI, L.P. The fund focuses on growth-oriented companies in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. For more information, please visit www.riversidepartners.com.