Silverpeak is pleased to announce that it has acted as the exclusive financial adviser to WorkMotion, the market-leading European Employer of Record (EoR) platform, on its sale to Upwork (Nasdaq: UPWK), the world’s human and AI-powered work marketplace. The acquisition strengthens Upwork’s global workforce offering, enabling businesses to hire and employ contingent talent in more than 30 countries through WorkMotion’s EoR infrastructure.
WorkMotion
Founded in Berlin in 2020 by Carsten Lebtig, Felix Steffens and Karim Zaghloul, WorkMotion operates a tech-first EoR platform that enables companies to hire, pay and manage employees internationally, without the complexity of establishing local legal entities. WorkMotion will become part of Lifted, Upwork’s enterprise workforce solutions business, while continuing to operate independently under its own brand, with Felix Steffens remaining as CEO.
Silverpeak ran a highly targeted international sale process, approaching strategic acquirers across HCM, fintech and staffing. It drew multiple competing offers from the US and Europe and concluded with a sale to Upwork. Financial terms were not disclosed.
Management commentary
Carsten Lebtig, Co-Founder and Chairman of WorkMotion, commented:
“Silverpeak stood out from the very beginning in what was a highly competitive adviser selection process. Their knowledge of the HCM sector and the global buyer landscape was exceptional, but what impressed us just as much was how deeply they got under the skin of our business. They really understood our financial data, identified what made WorkMotion valuable and knew exactly how to bring those strengths to life for potential buyers. They were also incredibly creative in their approach to finding the right buyer, reaching well beyond the obvious names and generating real competition from across the globe. Throughout a complex process, their commercial judgement, dedication and determination to get the best outcome for us were outstanding. We’re delighted with the outcome for WorkMotion and our shareholders.”
Alex Cooper, Senior Vice President at Silverpeak, added:
“This transaction highlights the continued strength of the HCM M&A market, particularly the growing strategic importance of platforms supporting core, mission-critical HR processes. The strong interest we saw from both HR technology and fintech buyers reflects the increasing convergence of HR, payroll and cross-border payments, which we expect to drive further consolidation across the sector. WorkMotion is a great example of the type of business attracting this interest, having built a next-generation EoR platform with proprietary technology and extensive local employment infrastructure that makes it highly defensible in a world increasingly shaped by AI. The combination with Upwork is particularly exciting, bringing together its global talent marketplace with WorkMotion’s international employment capabilities and creating a powerful platform to accelerate growth. With a shared vision and ambitious plans, the two businesses are well positioned to transform how companies hire and manage talent globally.”
About Silverpeak
Silverpeak is a boutique investment bank specialising in M&A and financing for technology growth companies. With experience of over 400 deals, our team understands what makes tech businesses valuable, connecting them with the right buyers and investors globally.
The Financial Conduct Authority authorises and regulates Silverpeak LLP.