Add-on Acquisition • Software

ADP Acquires WorkForce Software

On October 15, 2024, ADP acquired software company WorkForce Software from Insight Partners and Evergreen Coast Capital

Acquisition Context
  • This is ADP’s 4th transaction in the Software sector.
  • This is ADP’s 19th transaction in the United States.
  • This is ADP’s 1st transaction in Michigan.

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M&A Deal Summary

Date October 15, 2024
Target WorkForce Software
Sector Software
Buyer(s) ADP
Sellers(s) Insight Partners
Evergreen Coast Capital
Deal Type Add-on Acquisition

Target Company

WorkForce Software

Livonia, Michigan, United States
WorkForce Software provides enterprise clients with software solutions to manage employee time and labor schedules, control and manage employee absences, create employee schedules, and track employee compliance. WorkForce Software was founded in 1999 and is based in Livonia, Michigan.
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Buyer Overview 1

Buyer

ADP

Roseland, New Jersey, United States

Category Company
Founded 1949
Sector Business Services
Employees64,000
Revenue 18.2B USD (2024)
DESCRIPTION
ADP office in St. Louis, Missouri.
ADP office in St. Louis, Missouri.

ADP is a provider of business outsourcing solutions. ADP offers a wide range of human resource (HR), payroll, tax and benefits administration solutions from a single source. ADP is also a provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment retailers and manufacturers throughout the world. ADP was incorporated in 1949 and is based in Roseland, New Jersey.


Deal Context for Buyer #
Overall 25 of 26
Sector: Software 4 of 5
Type: Add-on Acquisition 22 of 23
State: Michigan 1 of 1
Country: United States 19 of 20
Year: 2024 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-03 Sora

San Francisco, California, United States

Sora is a low-code intelligent workflow automation and data integration tool that unifies disparate business applications such as HR, IT, and other systems and data sets to create a smarter, easier-to-use experience for employees, business owners, and HR professionals. Sora is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-29 Pequity

San Francisco, California, United States

Pequity is a compensation management software provider that offers flexible configurations, AI-enhanced insights, budgeting and scenario planning tools, and HCM ecosystem integrations. Pequity was formed in 2019 and is based in San Francisco, California.

Buy -

Seller Profiles 2

SELLER

Insight Partners

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 1995
PE ASSETS 90.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Insight Partners is a growth capital investment firm focused on early to later stage investments principally in the software sector. Insight Partners was formed in 1995 and is based in New York, New York.


Deal Context for Seller #
Overall 44 of 48
Sector: Software 18 of 19
Type: Add-on Acquisition 13 of 15
State: Michigan 1 of 1
Country: United States 37 of 41
Year: 2024 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-03 LiveAction

Palo Alto, California, United States

LiveAction, is a provider of enterprise IT network visibility software platform. LiveAction was founded in 2007 and is based in Palo Alto, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-26 Tricentis

Austin, Texas, United States

Tricentis provides all aspects of software testing and software quality assurance. The flagship product TOSCA Testsuite enables companies to test and assess business-critical enterprise applications with unprecedented effectiveness and efficiency. Tricentis was founded in 1997 and is based in Austin, Texas.

Buy -
DESCRIPTION

Evergreen Coast Capital is a private equity firm that invests in a variety of industries and situations throughout the US. Evergreen Coast Capital is headquartered in Menlo Park, California.


Deal Context for Seller #
Overall 4 of 4
Sector: Software 2 of 2
Type: Add-on Acquisition 3 of 3
State: Michigan 1 of 1
Country: United States 4 of 4
Year: 2024 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-29 DreamBox Learning

Bellevue, Washington, United States

DreamBox Learning provides a deeply personalized learning experience that guides and engages students at all levels with a combination of a rigorous K-8 math curriculum and a motivating learning environment that work seamlessly with pioneering Intelligent Adaptive technology. DreamBox Learning was founded in 2006 and is based in Bellevue, Washington.

Sell -