Willkie Farr & Gallagher said it advised private equity firm FFL Partners on its $100 million investment in Velocity Global, whose platform helps companies employ people that work remotely.
Denver-based Velocity said it’s using the investment to acquire rival company iWorkGlobal, as well as to make other strategic acquisitions, develop technology, and expand the company’s global footprint.
“We have all seen the nature of work evolve drastically over the past 12 months, and we are very excited to make this investment in Velocity Global,” said Cas Schneller, managing partner of San Francisco-based FFL.
Velocity Global, which declined to disclose its purchase price for iWorkGlobal, said Cooley advised it on the transaction.
After its acquisition of iWorkGlobal, the combined company, under the Velocity Global name, can offer employer of record services in 185 countries and 50 U.S. states, it said.
The workforce management services provider said it functions as “employer of record,” managing in-country and in-state compliance, payroll, and benefits for its clients’ supported employees.
More than 700 brands, with thousands of supported employees, rely on the company to make hires without the cost or complexity of setting up their own foreign legal entities or state registrations, Velocity Global said in a statement.