ADP Ventures will focus on leading edge
innovators in the HCM space and beyond
ROSELAND, N.J., Oct. 3, 2023
/PRNewswire/ -- ADP, a leading global technology company providing
human capital management (HCM) solutions, announces the launch of
its corporate venture capital arm and innovation lab, ADP Ventures.
ADP Venture's mission is to enhance and strengthen ADP's core
business, create offerings in new adjacent segments and
geographies, and develop new assets to monetize markets and
segments beyond HCM.
"Our mission is to empower businesses and their employees," says
Maria Black, president and chief
executive officer of ADP. "ADP Ventures will allow us to further
invest to provide clients with unmatched support throughout the HCM
journey, from hire to retire and, most importantly, that critical
space in between where we hope to inspire people as they fulfill
their potential."
As part of its strategy, ADP Ventures will invest in and partner
with early-stage and scaling tech startups that advance ADP's
innovation strategy. ADP Ventures has also invested in
SemperVirens Venture Capital, a leading early-stage venture capital
fund that invests in technology transforming work, health
and financial wellness.
"The world of work is changing at an unprecedented pace and many
entrepreneurs are focused on advancing speed to innovation in this
space," says Sreeni Kutam, president of global product and
innovation at ADP. "ADP Ventures is investing in the total human
experience, in technology that empowers people at work and
beyond work, whether it's collaboration, health and wellbeing,
talent acquisition, financial wellness or HCM analytics."
ADP Ventures intends to focus on early-stage strategic
investments with co-investors and will target a small, leading
subset of the most innovative new companies. Consistent with this
discipline, ADP recently completed investments in two start-ups
this year: Cocoon, a leave management software provider that
focuses on improving the employee leave experience by automating
the most challenging parts of compliance, claims and payroll
calculations; and, Fringe, a marketplace of services that
facilitates a plethora of programs such as lifestyle benefit
stipends, wellbeing, rewards and recognition, and peer-to-peer
gifting.
"ADP is committed to innovating and partnering to shape the
future of the HCM industry," says Usman
Khan, senior vice president, Ventures at ADP. "ADP possesses
the product stack, global market footprint, brand, and partnership
expertise to work with and scale new companies. As an active
partner to startups we invest in, we can help accelerate their
growth and impact on the human experience through access to our
customers, platforms, proprietary data, subject matter experts and
broader community."
The partnership with SemperVirens also brings direct access to
the firm's executive advisory board, composed of over 140 experts,
to advise founders on scaling their products, sales strategies and
key partnerships.
The ADP Ventures investment team will be holding meetings with
interested startups at HR Tech 2023 in Las Vegas. Or learn more at
adp.com/ventures.
About ADP (NASDAQ: ADP)
Designing better ways
to work through cutting-edge products, premium services and
exceptional experiences that enable people to reach their full
potential. HR, Talent, Time Management, Benefits and Payroll.
Informed by data and designed for people. Learn more at ADP.com
About SemperVirens
Founded in 2018, SemperVirens is an
early-stage ecosystem fund investing in workforce technology,
healthcare technology and financial technology companies that sell
to and through employers. Their team members bring deep industry
experience, relationships, and insights and is led by Allison Baum Gates, Robby Peters, Greg
Golub, Caribou Honig and Colin
Tobias. The firm has more than $150
million AUM and a portfolio of 52 companies. For more
information, visit www.sempervirensvc.com.
About Fringe
Fringe is the world's first wellbeing
marketplace, with global solutions for lifestyle spending accounts,
rewards and recognition, wellbeing and flexible benefit programs.
With 150+ services and experiences available, Fringe allows
employees to build tailored benefits packages that meet their own
unique and diverse needs. For more information, visit
www.fringe.us.
About Cocoon
Cocoon is a leave management software
that's using technology to take the work out of leave. They partner
with employers like Carta, Notion and Benchling to support their
people through life's most pivotal moments — from having a baby to
caring for a loved one to navigating personal health. Cocoon's
proprietary software automates the most complex parts of
compliance, claims and payroll, saving HR teams hours while giving
employees the seamless, intuitive experience they've come to expect
from modern workplace tools. Founded in 2020 by former Stripe and
Square employees, Cocoon is backed by Index Ventures, First Round
Capital, and other prominent technology investors. For more
information, visit www.cocoon.com.
ADP, the ADP logo, and Always Designing for People, are
trademarks of ADP, Inc. All other marks are the property of their
respective owners.
Copyright © 2023 ADP, Inc. All rights reserved.
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SOURCE ADP, Inc.