NEWS AND INSIGHTS
VNDLY Receives Strategic Investment From Okta Venture
CINCINNATI, June 23, 2020 /PRNewswire/ — VNDLY, a leading cloud-based workforce management systems provider, is pleased to announce a strategic investment in the company from Okta Ventures, the investment fund of Okta, Inc. For VNDLY, the investment supports continued development of its cloud-native vendor management technology platform that seamlessly integrates with Okta’s single sign-on and provisioning technology. Okta Ventures was launched in 2019 to fund companies focused on modern identity-architecture design and adoption, while also having the potential to add to the existing Okta ecosystem.
“Okta is on a mission to securely connect the right people to the right technologies at the right time. We integrate with best-of-breed technologies to enable organizations to seamlessly and securely use the best technologies for their business,” said Monty Gray, senior vice president, corporate development, Okta. “VNDLY’s vendor management technology platform provides our joint customers with a solution to easily manage access to critical tools for both employees and contractors, increasing efficiency and security. We’re excited to integrate with VNDLY to provide our customers with a seamless solution for workforce management.”
In addition to the financial partnership, Okta is a technology partner with VNDLY, which is providing its clients secure single sign-on and provisioning capabilities via the Okta Identity Cloud. The companies offer complementary cloud-native, modern technologies that meet client needs while offering increased efficiency, lower cost, heightened security and compliance, and easy integration and use. This joining of forces gives the non-employee labor market a singular, innovative option for secure sourcing, engaging, and managing external workforces.
VNDLY is currently live on the Okta Identity Network with a pre-built and pre-configured API integration, so mutual customers can reap the benefits of the ready-to-use integration. About 25% of VNDLY customers in active implementation are using Okta for identity management and provisioning.
“What excites me most about this partnership is that it started with a pain point experienced by our mutual customers,” said Shashank Saxena, VNDLY CEO and co-founder. “Our clients have been looking for ways to extend provisioning into their external workforces, and this partnership increases our ability to provide a modern technology stack that supports each company’s digital transformation. Okta is the perfect technology partner for VNDLY because our clients want our platform with the ease of single sign-on and the promise that their information is secure. We’re honored that Okta has decided to support VNDLY as we continue to develop modern technology that integrates with other important technologies in the workforce management space.
Founded in 2017, VNDLY transforms how companies manage their contingent workforces. Using its SaaS work management system, companies can manage the entire non-employee engagement lifecycle from talent acquisition to training to payment and offboarding. The company serves as the ERP system of record for multiple Fortune 500 companies to manage their entire contingent and non-employee workforce on a single platform. VNDLY is a cloud-native platform that helps simplify the implementation, integration, and change management aspects compared to legacy vendor management solutions. The VNDLY platform is composed of four modules: contingent workforce management, statement of work (SOW) management, independent contractor (IC) compliance, and total talent acquisition. For more information, please visit www.VNDLY.com.