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Velocity Global acquires iWorkGlobal to accelerate remote work and global expansion platform; receives $100M growth investment from FFL Partners

Acquisition creates largest global Employer of Record in 185 countries and 50 United States

 

DENVER and SAN FRANCISCO, US – News Direct – 7 April 2021 – Velocity Global, the leading provider of global expansion solutions, today announced its acquisition of iWorkGlobal, a wholly owned subsidiary of Gary D. Nelson and Associates, and a $100 million growth investment from private equity firm FFL Partners. The combined company, under the Velocity Global name, creates the largest U.S. domestic and global Employer of Record (EoR) and accelerates the future of remote work for companies around the world.

The investment from FFL Partners, a firm focused on growth investments in middle market companies, will also be deployed by Velocity Global to support additional strategic acquisitions, technology development, and to further expand the company’s global footprint.

“This strategic acquisition combines scale and expertise in a single platform for companies to employ top talent in another state or another country, quickly and compliantly,” said Ben Wright, Velocity Global founder and CEO. “We welcome the iWorkGlobal team, its clients, supported employees, and partners to the Velocity Global family at an inflection point for companies as we exit a pandemic that fundamentally removed the worker from the workplace.”

“At iWorkGlobal, we viewed ourselves as a strategic partner to our clients and this outlook aligns with the ‘People First’ brand of Velocity Global,” said Jeff Phelps, iWorkGlobal co-founder and CEO. “Combining our strengths allows us to deliver complementary expertise, capabilities, and new geographies to clients and their supported employees in the U.S. and around the globe.”

“As workforces have become more distributed, iWorkGlobal positioned itself as a leader in talent engagement solutions,” said Craig Nelson, Board Chairman of Gary D. Nelson and Associates. “It’s a testament to Jeff’s leadership and the hard work and dedication of the iWorkGlobal team that Velocity Global proactively sought out this combination of market leaders.”

VIDEO: https://youtu.be/HykpAOtgUq8

Expanded Services in Domestic U.S. and Globally

Brands rely on Velocity Global’s expertise and global infrastructure to hire compliantly without the cost or complexity of setting up their own foreign legal entities or state registrations. As the Employer of Record, Velocity Global manages in-country and in-state compliance, payroll, and benefits for its clients’ supported employees.

As a result of this transaction, Velocity Global expands its offering to include EoR services in all 50 United States in addition to its industry-leading EoR capabilities in more than 185 countries. The combined company also offers Independent Contractor Compliance to assess a workforce and Agent of Record (AoR) to streamline payments to contractors globally. Velocity Global’s platform combines these elements with a personalized customer experience, best-in-breed technology, and increased scale for companies to grow their remote workforce.

Velocity Global now guides, counsels, and serves more than 700 brands and their 4,000 supported employees. Clients include small start-ups to enterprise businesses. The combined company has supported remote teams for hundreds of public companies with an aggregated market capitalization of more than $2 trillion, and private companies funded by more than $60 billion.

“We serve as a single partner for a business to scale its remote workforce from one employee to multinational teams,” said Wright. “We have a global footprint that will grow to nearly 50 whollyowned foreign legal entities in the most desired international markets by year’s end, and now in all 50 states, to enable companies to compliantly employ top remote talent across a state line or country border.”

Market Growth

The rapidly maturing global EoR and AoR industries are key drivers of the “future of work” or gig economy worth $4.5 trillion according to a 2020 report from Staffing Industry Analysts. The investment from FFL Partners will help ensure Velocity Global is able to not just meet demand, but extend its market leadership position.

“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, a pioneer in this space fast-tracking the future of work,” said Cas Schneller, FFL Managing Partner. “Velocity Global achieved a 400% organic growth rate over the past three years while maintaining disciplined financials and delivering an exceptional customer experience. We are confident FFL’s deep business services experience can help accelerate this remarkable success.”

Combined Company

Velocity Global welcomes 40 iWorkGlobal employees as part of the transaction, growing its team to approximately 300 employees worldwide. Ben Wright leads the company headquartered in Denver with regional headquarters in Amsterdam, Bogotá, and Singapore. The combined company operates additional regional offices in Bangalore, Dubai, London, Mexico City, São Paulo, and Toronto. Local Velocity Global employees in 16 countries contribute cultural and market knowledge for clients and a personalized supported employee experience.

Maria Goyer joins the Velocity Global executive team as Chief Innovation Officer, reporting to Wright, after serving as senior vice president of Strategy for iWorkGlobal. She will drive strategic initiatives and innovative best practices across the organization to serve the growing global customer base. Goyer applies more than 20 years of industry and strategic expertise in the development of all aspects of Business Process Outsourcing, including pioneering work in the Managed Service Providers (MSP), Vendor Management Systems (VMS), payroll, and compliance industries through Software as a service (SaaS) applications for global contingent workforce programs.

View Velocity Global leadership here.

ABOUT VELOCITY GLOBAL

Velocity Global accelerates the future of work beyond borders. Its platform enables businesses to employ remote teams and expand internationally through global expertise, best-in-breed technology, and scale. More than 700 brands rely on its Employer of Record model and infrastructure in 185 countries and all 50 United States to compliantly employ thousands of supported employees, access global talent, and grow revenue. Named a “Leader” in Global Employer of Record services by prominent analyst firm NelsonHall, Velocity Global is a strategic partner to its clients through additional comprehensive services including Immigration, Independent Contractor Compliance to assess a workforce, and Agent of Record (AoR) to streamline payments to contractors globally. Founded in 2014, the company is headquartered in Denver, Colorado, with regional headquarters in Amsterdam, Bogotá, and Singapore, with local employees in 16 countries.


ABOUT FFL PARTNERS

Founded in 1997, FFL Partners is a San Francisco-based private equity firm with over $4.5 billion under management. FFL pursues thematic investments in business services and healthcare services partnering with exceptional management teams where the firm’s high engagement operating model and extensive network can help accelerate growth and unlock value. Growing our businesses has provided over 75% of the value created by FFL for its investors. For additional information please visit www.fflpartners.com.

Arab Petroleum Investments Corporation (APICORP) Ups Net Income By 3% in 2020

  • Net income increased to USD115 mn despite fallout from COVID-19 pandemic
  • Balance sheet grew by 7.5% to USD7.89 bn
  • Corporate Banking and Treasury & Capital Markets portfolios up 6% and 13%, respectively
  • Improvement in key financial and risk metrics, including highest ever liquidity ratio (349%) and capital adequacy (31%).

DAMMAM, SAUDI ARABIA – EQS Newswire – 7 April 2021 – The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announces that its Board of Directors recommended to the General Assembly the approval of its financial results for the year ended December 31, 2020. Continuing its record performance, the Corporation posted a 3% year-on-year (y-o-y) rise in net income despite the fallout of the unprecedented COVID-19 global crisis – from USD112 mn in 2019 to USD115 mn in 2020.

The key drivers include a 6% y-o-y growth in APICORP’s Corporate Banking portfolio to reach USD3.9 bn, as well as a 13% y-o-y growth in its Treasury & Capital Markets portfolio, which also netted USD46 mn in capital gains, a 488% increase from the prior year.

Moreover, the Corporation’s balance sheet increased from USD7.34 bn to USD7.89 bn in 2020, a 7.5% y-o-y uptick which is higher than the 5% CAGR recorded over the past five years. Key financial and risk metrics also continued their steady improvement, as the Corporation recorded its highest ever liquidity ratio at 349% and increased its capital adequacy ratio to 31% (+1% y-o-y), as well as reducing its leverage level from 2.5x in June 2020 to 2.23x in December 2020.

Apart from demonstrating the strength and resilience of APICORP’s financial position, the robust financial and risk metrics enabled APICORP to retain its ‘Aa2’ rating with a stable outlook from Moody’s and earned its inaugural ‘AA’ rating with a stable outlook by Fitch – the only regional financial institution in MENA to hold two ‘AA’ ratings.

The year also witnessed a landmark capital increase by which the Corporation increased its authorized capital from USD2.4 bn to USD20 bn, subscribed capital from USD2 bn to USD10 bn, paid-up capital from USD1 bn to USD1.5 bn, and callable capital from USD1 bn to USD8.5 bn.

Commenting on APICORP’s results, Dr. Aabed bin Abdulla Al-Saadoun, Chairman of the Board of Directors said: “The strong 2020 financial results despite the uncertain economic landscape that clouded most of the year illustrates APICORP’s exceptional steadfastness and resilience. The fact that we ended the year with a 3% increase in net income points to the Corporation’s strong and solid fundamentals. As the region, and indeed the world, begins to recover from the impact of the COVID-19 pandemic, we are confident that we will continue to ably support the MENA energy sector, including the proactive advancement of the energy transition agenda.”

Dr. Ahmed Ali Attiga, Chief Executive Officer of APICORP, said: “We are immensely proud to close yet another successful financial year for APICORP. The milestones we achieved in 2020 were made more remarkable given the shockwaves of the unprecedented triple crisis stemming from the COVID-19 pandemic that severely impacted the financial results of peer financial institutions and affected all sectors. Complemented by the resolute support from our Member Countries, deep partnership base, and the hard work of all staff members, our positive results underscore the soundness of our long-term investment and funding strategy, as well as our agile and efficient approach to tackle the challenges of 2020.”

“Looking ahead, we will continue to solidify our position as the trusted financial partner to the MENA energy sector. In line with our development mandate, we aim to focus on supporting the growth of the private sector – particularly in the clean and renewable energy space – to accelerate the energy transition and build a more sustainable future for the Arab region,” Dr. Attiga added.

Business Line Highlights

Corporate Banking

APICORP increased its corporate banking assets by 6% y-o-y in 2020 to reach USD3.9 billion, booking 1.6 bn in drawdowns over the year. Notably, 6 of the 11 project finance commitments in 2020 were in green energy or within the category of sustainable utility projects, and all were part of the USD500 mn countercyclical package the Corporation launched in April to help the MENA energy sector mitigate the impact of the COVID-19 pandemic and oil price volatility. The gross NPL ratio, meanwhile, remained very low at just 0.59%.

Investments

Although the 2020 crisis affected the revenues of some investee companies, it also opened opportunities for APICORP to pursue quality investments in high-potential well-run companies alongside like-minded investors seeking to maximize long-term value creation and impact. The year witnessed the Corporation making its first-ever equity stake in a wind energy company, while at the same time progressing on a number of exits from current investments to optimize the balance sheet as well as capitalize on the positive long-term growth prospects of its equity portfolio.

Treasury & Capital Markets

By following a more active approach to managing the Corporation’s assets and liabilities of APICORP, Treasury & Capital Markets was able to not only optimize the risk-adjusted returns of the Corporation’s high-quality liquid portfolio (including USD 46 mn in capital gains), but also further bolster its strong funding profile. On the funding front, APICORP increased its medium-term financing by 26% y-o-y while decreasing short-term financing by 12% as a safeguard against prolonged market volatility. Moreover, the year saw the Corporation raising its profile as a debt issuer in the sovereign, supranational and agency (SSA) space through the USD 750 mn benchmark bond issuance in June, which achieved the lowest ever yield and spread in the Corporation’s history, and attracted high-quality SSA investors from across the globe (more than 50% of the order book were from central banks and official institutions. The success of the transaction was further cemented with the USD 250 mn tap in October that brought the total size of the issuance to USD 1 bn.

About APICORP:

The Arab Petroleum Investments Corporation (APICORP) is a multilateral development financial institution established in 1975 by an international treaty between the ten Arab oil exporting countries. It aims to support and foster the development of the Arab world’s energy sector and petroleum industries. APICORP makes equity investments and provides project finance, trade finance, advisory and research. Headquartered in Dammam, Kingdom of Saudi Arabia, APICORP is rated “Aa2” by Moody’s and “AA” by Fitch, both with a stable outlook.

More information can be found at: www.apicorp.org

You can also follow us at:

https://twitter.com/APICORP

https://www.instagram.com/apicorp/

https://www.linkedin.com/company/apicorp

Police To Breath Test Drivers During Lao New Year Holiday

Police to breath test motorists during Lao New Year

The Ministry of Public Security has issued special regulations that are to be strictly enforced during the Lao New Year, or Pi Mai, period, and are to focus their efforts on drunk drivers.

Nation in Mourning as Former President’s Wife and Son Perish in Boat Tragedy

Nation mourns alongside Sayasone family

The nation has gone into mourning following the tragic loss of former President Choummaly Sayasone’s wife and son, among other members of his family after a yacht capsized on Sunday.

Free Healthcare Webinar: Patient Journey & the Digital Twins

JOHANNESBURG, SOUTH AFRICA – Media OutReach – 6 April 2021 – Delivering high-quality care for patients starts by connecting data from admissions to discharge. By transforming live data into actionable metrics, the healthcare sector can make more insightful decisions to streamline and digitise workflow throughout the patient journey.

On 14 April 2021, Zebra — a leading healthcare technology solutions provider — will introduce MotionWorks™ Healthcare and virtually demonstrate how to streamline workflows and significantly reduce costs in healthcare facilities as well as identify patterns to enable intelligent predictions.

Under the theme Patient Journey and the Digital Twins this free and innovative webinar will empower the healthcare sector with technology solutions that enable them to instantly connect, collaborate and communicate with colleagues.

Register and learn how to better support patients and improve performance with the real insights that come from capturing real-time data in your emergency department or operating theatre.

Hear from expert speakers, including:

  • Christa Fourie — Sr. Account Manager of Healthcare at Zebra Technologies
  • Wayne Miller — Director of Healthcare Practice EMEA at Zebra Technologies

How to participate:

Register for this webinar HERE

For more information on this webinar visit: https://itnewsafrica.com/events/event/patient-journey-and-the-digital-twins/

MRC Unveils 10-year Strategy and 5-year Action Plan to Balance Basin Development and Management

MRC unveils basin development strategy

The Mekong River Commission (MRC) yesterday released a new ten-year Basin Development Strategy (BDS) for the Mekong River Basin and a five-year Strategic Plan (MRC SP) to enable Mekong countries to address emerging challenges and improve the overall state of the basin.

Six Men Arrested for Theft of Railway Components

Six men arrested for theft of railway components

Authorities of Vientiane Capital have arrested six suspects charged with theft of railway construction components along the Laos-China Railway.

Common Ground Launches On-Demand, Pay-As-You-Go Workplace Services

Corporate Flex Solution is Common Ground’s most flexible solution yet giving Malaysian businesses the ability to work near home, be more productive and save office costs.

 

KUALA LUMPUR, MALAYSIA – Media OutReach – 6 April 2021 – Common Ground, Malaysia’s largest leading coworking space, has launched an on-demand, pay-as-you-go service called the Corporate Flex Solution that allows users to drop in to use their award-winning spaces and fully-equipped facilities for as low as RM2.50 per half-hourly blocks.

The service piloted in February and gives users access to Common Ground’s fully-equipped workspaces, meeting rooms, and also photocopying, printing and courier services across all its retail outlets.

“As companies have started reopening up their businesses, we see a growing demand for a ‘third place’ to work,” says Yvonne Lee, Country Head of Malaysia for Common Ground. “Most people are familiar with the hybrid of working from home or working from the office but now, we’re introducing a new flexible space option for corporates and its employees that is neither home nor office. It’s the added option of working near home.”

How does Corporate Flex Solution work

“If you already have some commitments or a HQ, Corporate Flex gives your teams a ‘third workspace’ in addition to working from home,” Yvonne explains. “This workspace is available to them how, when and where they need it. They can access any of Common Ground’s locations that are nearest to them and in micro blocks of 30 minutes.”

As an employer, you’ll book a Corporate Flex Solution membership package for your staff, paying a base membership rate per staff. They’ll then have access to all Common Ground locations in Malaysia, Thailand and The Philippines, and can use the Common Ground app to find the location closest to them. They’ll be able to check in to whichever outlet they choose, using the facilities as and when they need to. You’ll pay only for the time and facilities that your team members use, whether they need to book a meeting room, host a series of calls or just pop in to use the printer. You can even put a cap on how much credit can be utilised per staff member per month.

“The aim of Corporate Flex is to give great companies the best of in-person and remote work so that their people can enjoy their work, collaborate with their colleagues, and continue to perform at their peak,” Lee says.

Working from home is good but working near home is better

The events of 2020 have shown the world that flexible or remote working is not only possible but can be productive. However, as we head into our second year of the pandemic, it’s clear that improvements can be made. According to a recent survey*, two out of three Malaysians struggle with working from home with 62% of them citing inadequate home office setup or equipment as the reason.

Lee further elaborates: “As a boss, you may be fielding complaints from your team about poor WiFi connections, or a lack of privacy from which to conduct client calls. Maybe they just really want to be able to use the office printer again. How do you balance the safety of your team members against their productivity? And if you’re not prepared to fully reopen your office space, what can you do to provide the resources and space they need?”

“Corporate Flex Solution is therefore perfect also for companies that are currently in limbo as they reflect on their office leasing strategy and how best to keep productivity up while saving costs and keeping employees safe.”

Who is Corporate Flex for

“If you’re trying to balance your people strategy with your office strategy, here’s where Corporate Flex bridges that,” Yvonne says. “Working from home may have worked for some people but learning from the majority of our current members, it is still not the ideal set-up.”

Corporate Flex will work for your company if your staff predominantly work from home, but still need a conducive and productive workspace to collaborate. Maybe you’re looking to downsize on your permanent office space to save on fixed costs during these uncertain times; maybe you’re keen to introduce more flexibility to keep your staff engaged and motivated. Corporate Flex gives you the bandwidth to allow your staff that flexibility, while also providing a structured and conducive workspace for them to use and when they need it.

Why it works so well

It’s the flexibility that’s so great. In Malaysia, there are 12 locations around the Klang Valley and Penang, and soon Johor, so that no matter where they are, users will have a great base to work from. With pricing as low as RM2.50 per 30-minute block and the ability to add or reduce staff memberships as the business needs, employers only pay for exactly what is used, without the traditional fixed overheads of a full-time office. Also, with no deposits, no long-term commitment and the ability to terminate anytime with credits fully refundable, companies can sign-up and plan accordingly with the demands of their own business.

Then there are the benefits Common Ground is famed for: the inspiring interior design and friendly customer service. You can make use of Common Ground’s great event spaces, cafes, membership benefits and private offices. And of course, the vibrant community of like-minded companies and collaborative opportunities.

“At Common Ground, we’ve always been champions of modern, flexible working solutions to suit your working style, and our newest offering has been designed with current events in mind. Corporate Flex is a flexible workspace solution that allows you to make the most of our award-winning spaces and amenities.”

For more information on Corporate Flex Solution, visit bit.ly/CGFlexInfo or email info@commonground.work

Corporate Flex Solution locations in Malaysia

In Malaysia, Corporate Flex Solution is made available at the following Common Ground locations:

1. George Town: Level 2, Moulmein Rise Shoppes, No. 9, Jalan Moulmein, 10350 George Town Penang

2. Mont Kiara: Level 13A Wisma Mont Kiara, No 1 Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur

3. Petaling Jaya: G.016, The Square, Jaya One, 72A, Jalan Profesor Diraja Ungku Aziz, 13, 46200 Petaling Jaya, Selangor

4. Damansara Heights: Penthouse 16-1 level 16, Wisma UOA Damansara II, No 6, Changkat Semantan, Damansara Heights, 50490 Kuala Lumpur

5. Ara Damansara: F01-F08, 1st Floor Citta Mall No 1 Jalan PJU 1A/48

6. Bangsar South: Menara BT, Level 1 & 2, Tower 3, Avenue 7, Horizon 2 Bangsar South City No. 8, Jalan Kerinchi, 59200 Kuala Lumpur

7. Mutiara Damansara: Level 16 & 17, Nucleus Tower, No. 10, Jalan PJU 7/6, Mutiara Damansara, 47800 Petaling Jaya, Selangor

8. KL Eco City: Levels 15-19, Boutique Office 1(B01-C), Menara 2, KL Eco City, No 3, Jalan Bangsar, 59200, Kuala Lumpur Malaysia

9. Bukit Bintang: Level 24 & 25, 198 Menara Worldwide, Jalan Bukit Bintang, 50450 Kuala Lumpur

10. TTDI: Level 11, Menara KEN TTDI, 37, Jalan Burhanuddin Helmi, Taman Tun Dr. Ismail, 60000 Kuala Lumpur

11. KL Sentral: Unit 39-02 (East Wing), Q Sentral, 2A, Jalan Stesen Sentral 2, Kuala Kumpur Sentral, 50470 Kuala Lumpur

12. Ampang: 1st Floor Phase 2 Petronas Station, Lot 6904 Jalan Kolam Air Lama, 68000 Ampang, Selangor

*Source: As published by Ipsos Malaysia in January 2021 from a study conducted among 12,823 employed online adults aged 16-72 across 28 countries.


About Common Ground Malaysia

Co-founded by Erman Akinci and Juhn Teo, Common Ground is Malaysia’s largest leading coworking space that prides itself on not just being a premium workspace, but also a synergistic coworking community that cultivates a vibrant ecosystem of diverse and driven minds across various industries. The coworking space curates a multitude of weekly events across business, technology, and lifestyle spheres to continuously integrate and elevate its members, along with securing hundreds of lifestyle and professional partners to garner the best benefits for its community. Additionally, the coworking space connects its ever-growing community through its proprietary app, which serves as a social platform and business network for members to connect, irrespective of the venue they choose to work from. Aside from keeping its community updated on weekly events and partnership benefits, the app’s social newsfeed and business opportunities forum, among other features, collectively embody Common Ground’s belief in nurturing and championing a synergistic business ecosystem.

Since its launch in March 2017, the game-changing business has since acquired over 5,000 members across 13 venues in Malaysia, four venues in the Philippines, and two venues in Thailand. Each Common Ground venue houses their signature components – a café, event space, board rooms, meeting rooms, lounges, call booths, and three formats of standard workspace — hot desks, fixed desks, and private offices. In addition to standard memberships, Common Ground also offers Enterprise Solutions. Designed to power large teams of 50 or more, these tailored solutions give corporations a dedicated and custom-built space to call their own. Helping them save on real estate and operational costs, companies can benefit from modern and fully-serviced satellite offices, swing spaces, or even main HQ’s, without the worry of long-term contracts or upfront costs impacting their cash flow.


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