Zurich, Switzerland, December 13, 2016: the Adecco Group and GTCR today announced the merger of Beeline and IQNavigator, bringing together two of the world’s leading providers of Vendor Management Systems (VMS). The combination of Beeline and IQNavigator leverages the complementary strengths of both companies, creating the world’s number one independent technology provider for extended workforce management solutions. 

“This merger is an exciting step for our two companies as we continue to lead the development of the VMS industry and deliver the next generation of contingent workforce technology,” said Doug Leeby, Chief Executive Officer of the combined company. “We now have over $40 billion of spend under management for customers in over 100 countries. These customers will continue to operate on their existing Beeline and IQNavigator platforms, but will immediately get access to additional complementary services and expertise, further enhancing the solutions that they enjoy today and in the future.”

Vendor Management Systems (VMS) enable the optimized sourcing and management of extended workforces and the procurement of complex services. VMS solutions can be deployed by companies either directly or through partnership with a Managed Service Provider (MSP). Customers and MSP partners will both benefit from enhanced solutions through the merger of Beeline and IQNavigator. The combined company will leverage complementary technical strengths and benefit from synergies of shared investment in new products. This means customers and partners will enjoy accelerated innovation and solutions enhancement, while continuing to receive reliable service, excellent support, and strategic account guidance.

The combined company has over 500 employees and continues to operate from offices in Jacksonville, FL and Denver, CO in the USA, and in the UK, Singapore and the Philippines. The company’s CEO is Doug Leeby, previously CEO of Beeline; Joe Juliano, previously CEO of IQNavigator, is a member of the Board. The executive management team of the combined company brings together the leadership talent and deep industry expertise within both Beeline and IQNavigator.

Joe Juliano said: “We are thrilled that these two market leaders are joining forces to create the clear number one independent VMS provider for extended workforce management solutions. This is a strong cultural fit, with IQNavigator and Beeline sharing common values of customer focus, quality and performance.” Doug Leeby added: “We have moved quickly to put in place an excellent leadership team, ensuring our colleagues and clients will immediately feel the benefits of the combination.”

“VMS solutions are a key part of managing the total workforce for today’s large corporations,” said Alain Dehaze, Chief Executive Officer of the Adecco Group. “This merger is positive for all stakeholders: clients will receive even stronger solutions, support and service; colleagues will benefit from being part of an enlarged and independent VMS company focused on leading in contingent workforce technology; and the Adecco Group and our shareholders benefit from crystallizing value from our previous investments in this business.”

Prior to this transaction, Beeline was a wholly owned subsidiary of the Adecco Group, and GTCR, a leading private equity firm, was the majority shareholder in IQNavigator. Following the merger, GTCR is the majority shareholder of the combined company, with the Adecco Group holding a minority interest and receiving consideration of $100 million in cash and $30 million in the form of a promissory note. Further terms of the transaction, which closed on December 12, 2016, have not been disclosed.