Stone Point Capital has made an investment in Beeline, a provider of software solutions for sourcing and managing the global extended workforce. No financial terms were disclosed. Beeline’s previous backer New Mountain Capital will remain a minority investor.
JACKSONVILLE, Fla., May 3, 2022 /PRNewswire/ — Beeline, the independent leader in software solutions for sourcing and managing the global extended workforce, today announced it has received a majority investment from funds managed by Stone Point Capital, a leading private equity firm. The strategic investment will allow Beeline to further accelerate its leading technology platform and bring additional solutions to market, helping businesses unlock the power of the extended workforce. Existing investor New Mountain Capital will remain a minority investor in the company, with representation on the company’s board of directors.
“Businesses have reached an inflection point in how they use and manage external talent. Now accounting for up to half of the entire global workforce, contingent workers, project-based services, and consultants are driving business outcomes at every single level of the organization,” said Doug Leeby, CEO of Beeline. “We are excited to partner with Stone Point Capital, and continue our partnership with New Mountain Capital, using this investment to further accelerate our pace of innovation and growth to meet the needs of companies in today’s economic environment.”
For more than 22 years, Beeline has consistently reinvented the workforce technology space with many first-to-market innovations. Just last year, Beeline redefined the power and possibility of the vendor management system (VMS) industry with the launch of the Beeline Extended Workforce Platform. In addition, the company broke new ground in the high-volume, shift-based labor world with the acquisition of JoinedUp, as well as bolstered its Artificial Intelligence (AI) capabilities through key partnerships.
“The non-employee workforce has grown to become a strategic and critical component of the human capital ecosystem, as businesses grapple with unprecedented talent shortages, digital adoption and levels of economic change,” said Chuck Davis, CEO, Stone Point Capital. “We believe Beeline has the right technology, strategy and mindset to lead the way and are excited to partner with Doug and the management team as they help organizations reimagine and shape the future of the workforce.”
“Beeline has long been the leader in the extended workforce technology market, and since our investment in 2018, Beeline has brought to market significant and impactful innovation that provides meaningful value for customers and raises the bar for the industry overall, which has resulted in record growth for the company,” said Lars Johansson, Managing Director at New Mountain Capital. “We’re excited to partner with Stone Point Capital and look forward to continuing to support Beeline on this next stage of growth,” added Sean Donovan, Director at New Mountain Capital.
Beeline and New Mountain Capital were advised by Lazard as lead financial advisor as well as William Blair on the transaction. Ropes & Gray served as legal counsel to Beeline and Simpson Thacher & Bartlett served as legal counsel to Stone Point Capital.
Enabling companies to increase profitability and flexibility by utilizing an agile mix of employee and non-employee talent, Beeline is the world’s largest independent provider of cloud solutions for sourcing and managing the complex world of contingent labor. Our software helps procurement, sourcing, and human resources professionals optimize costs, reduce risks, and add value to their services procurement and contingent workforce programs.