OneSource Virtual, a leading provider of HR and payments services for the Workday business process management platform, announced a strategic, majority growth investment from Boston-based global private equity firm TA Associates.

The investment will support the continuation of OSV’s organic growth, product innovation, and enhanced customer capabilities across the Workday ecosystem, the organizations said. Terms of the transaction were not disclosed.

“OSV’s proprietary technology, paired with our team’s deep Workday expertise and customer-first mindset, has enabled us to become a trusted partner for organizations managing complex, mission-critical processes within the Workday ecosystem,” John Bax, CEO of OneSource Virtual, said in a statement. “We’re excited to partner with TA to build upon the strong foundation we’ve established. With access to TA’s experience and strategic resources, we intend to advance our technology platform, broaden the ways we support customers, and continue investing in the people and culture that define OSV.”

As part of the transaction, OSV founders, management, and employees will retain a significant minority stake in OSV, and Halyard Capital and TCV will fully exit their stakes in OSV, TA said.

Expanding OSV services

Founded in 2008, OSV’s services and technology are designed for the more than 1,400 Workday customers who utilize OSV to handle payroll, tax, earned wage access, accounts payable, and benefits services. OSV said it provides a seamless, in-tenant experience for shared Workday clients, allowing them to execute time-sensitive business processes efficiently and accurately.

In the last five years, OSV has grown its client base by 20% annually, highlighting the increasing value of its services for HR and Finance leaders, the company said.

“OneSource Virtual has been a trusted Workday services and innovation partner for more than 17 years, providing scalable HCM and Financial Management services that allow Workday customers to focus on core business needs and not on administrative tasks,” said Matthew Brandt, SVP of global partners at Workday. “With OSV and TA working together, we welcome an expansion of OSV service and technology offerings purpose-built for Workday customers, further extending the value and possibilities of the Workday platform.”

Investor perspective

Executives at TA Associates expressed enthusiasm about the partnership with OSV.

“OSV has an excellent reputation as a leader in services for Workday’s U.S., Canada, and UKI clients. OSV has invested heavily in its technology and talent to manage administrative complexity for its clients,” said Roy Burns, managing director at TA. “We’re excited to build on OSV’s well-earned success in partnership with John and the entire OSV team.”

“TA has spent considerable time evaluating the broader BPaaS landscape, and OSV stands out for its in-tenant delivery model, tech-enabled service approach, and deep alignment with the Workday ecosystem,” said Harry Taylor, managing director at TA. “Looking ahead, we see meaningful opportunity to continue to expand OSV’s product capabilities, including enhancements enabled by AI, and to introduce operational initiatives that further elevate the customer experience.”

Weil, Gotshal & Manges LLP served as legal counsel to OSV. Goodwin Procter LLP served as legal counsel to TA.

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