20 June 2015

OneSource Virtual Plans Expansion in Mesa with Investment by Technology Crossover Ventures

OneSource Virtual  Receives $150 Million Investment From Technology Crossover Ventures
Thursday, 18 Jun 2015
Growth capital will support global expansion, the development of its Finance & Accounting Outsourcing (FAO) offering, and the expansion of other technology-enabled products and services for Workday customers. Technology Crossover Ventures joins previous investor Halyard Capital. The investment closed on June 4, 2015. 
  . . . on the local level, your MesaZona blogger received an email on Friday from Kevin Hautzinger, OSV Director of Marketing, stating "We do plan to use part of the investment to expand our operations in the Mesa office. 
We currently have 68 employees at that location and will be expanding to 120 employees by the end of the year . . . "
Wesley Bryan, President & COO
In a report from AZTechBeat in September 2014 “For more than six years, OneSource Virtual has experienced tremendous growth, and the expansion into a second processing facility is a natural evolution for the company,” Bryan said in a press release. “We are transitioning to a geographic servicing model with customers in the Pacific and Mountain time zones being serviced from the Phoenix office, while focusing the Dallas operation on customers in the Central and Eastern time zones.”
A spokesperson from OneSource Virtual, told AZTB that the Phoenix area was chosen out of a shortlist of locations that included Seattle and Salt Lake City and that Mesa specifically was selected based on available office space and the proximity to the airport.  
The spokesperson said working with Mesa officials to secure all the necessary paperwork was “simple and pain-free.”

Readers of this blog might wonder what OneSource Virtual does: OneSource Virtual (OneSource) is an innovative Business Process as a Service (BPaaS) provider and Workday (NYSE: WDAY) services partner. The sizeable investment from Technology Crossover Ventures will support global expansion, the development of its Finance & Accounting Outsourcing (FAO) offering, and the expansion of other technology-enabled products and services for Workday customers

“This investment from Technology Crossover Ventures further validates our business model is more than just ahead of the curve, it’s cutting-edge and will create opportunities for accelerated growth into the future,” said Brian Williams, CEO for OneSource Virtual. “Through this partnership, we will be able to better serve our existing customer base with expanded offerings, while developing new customer and partner relationships in North America and abroad.” 
 
Brian Williams, CEO
Ranked No. 83 on the Forbes 2015 List of America’s Most Promising Companies: OneSource CEO Brian Williams was also named a 2014 Ernst & Young Entrepreneur Of The Year in the category of Emerging Growth Company for the SouthWest region.


“We invest in many market-leading technology companies. There was a lot of excitement around OneSource Virtual and their unique and innovative approach. The in-application service delivery model OSV developed for Workday customers puts them at the forefront of their industry,” said Jake Reynolds, general partner of Technology Crossover Ventures. “This company’s tremendous growth has been incredible to witness and we look forward to working with their innovative management team as this growth continues.”

William Blair & Company, LLC, acted as advisors on the transaction.
William Blair: Global Investment Banking & Asset Management

You can see the TCV's current portfolio here > http://www.tcv.com/portfolio/


Here's a link to a 1:02 You Tube video all about WorkDay:
OneSource Virtual HR, Inchttps://youtu.be/rxns-U4tbPs










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