Randstad buys Torc in bid to increase access to digital talent
IT Staffing Report
Randstad buys Torc in bid to increase access to digital talent
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Randstad announced that it has acquired Torc, a talent platform for engaging remote software developers. Terms of the deal were not announced. The acquisition was made by Randstad’s Randstad Digital division. It aims to increase clients’ access to digital talent, including global delivery centers.
The seller was private equity firm Recognize. Terms of the transaction were not announced.
“As enterprises redefine the digital business model, the demand for specialized skills in AI, cloud, data and CX continues to increase,” Randstad Digital CEO Venu Lambu said in a press release.
“The acquisition of Torc is a direct response to this evolution and client needs,” Lambu continued. “It expands our access to a diverse range of talent skill sets and a robust developer community from assessment to productivity.”
Torc has more than 25,000 workers enrolled worldwide, with an emphasis on Latin America, the US and India.
Torc CEO and co-founder Michael Morris and his team will be joining Randstad Digital. Morris is the former CEO of crowdsourcing marketplace Topcoder.
Torc announced its public launch in March as well as a $5 million seed funding round from Recognize and Asymmetric Capital Partners. In March 2023, Torc announced it acquired Codealike, a Buenos Aires, Argentina-based coding performance measurement application.
In November 2022, Staffing Industry Review magazine profiled Torc in its Buzz column.
SIA forecast the worldwide market for talent platforms would reach $18.5 billion by this year, according to the Talent Platform Update 2023 report. Talent platforms are defined as digital marketplaces that facilitate direct, digitally enabled contingent work arrangements from sourcing through payment.