On their earnings call yesterday evening Workday announced their intent to acquire our portfolio company VNDLY. Techcrunch had a good article today on the transaction. Since leading the Seed in 2017, we have watched co-founders Shashank and Narayan quickly build a market leader in the VMS ecosystem. The world of VMS remains one of the trickiest spaces to navigate with wide horizontal products, lengthy sales cycles, and a challenging pricing environment. The team took these challenges head on and delivered year after year. The combination is a natural evolution for the Workday platform and represents a logical partnership between the two companies. Both continue to build excellent product around the HRIS ecosystem, and with VNDLY under the Workday umbrella the team can now offer a more comprehensive solution for both full time and contingent workforce management.
While this marks the end of an era with VNDLY, we are excited for the future of the company. Our relationship with the team will remain close as Shashank continues to serve as a Venture Partner at our firm. Congratulations to Shashank, Narayan, and the whole VNDLY team!