Private-equity firm FFL Partners has invested $100 million in workforce-services company Velocity Global LLC in a bet that remote work is here to stay.
Denver, Colo.-based Velocity Global provides services that include compliance, payroll, consulting and immigration to businesses in 185 countries. Launched in 2014, Velocity Global has a solid footprint in what is known as the “employer of record” industry, which helps employees of various companies to work legally in geographies where those companies do not have formal offices.
For instance, Velocity Global registers and pays certain employees of its clients through its platform, while the clients themselves continue to manage the work those employees do.
Alongside the new backing from FFL, Velocity Global recently obtained San Francisco-based iWorkGlobal, which allows businesses to support hiring, benefits, onboarding and agent-of-record services to pay staff, according to its website. Terms of the deal were not disclosed.