Talent platform Toptal acquired Growth Collective, a talent platform that provides freelancers specializing in digital marketing, SEO, content creation and social medial strategy.

The company announced the deal was signed during the Cannes Lions Festival for the advertising and communications industry in Cannes, France. Toptal said the all-cash deal was in the seven figures.

Toptal also announced the launch of Toptal Marketing, its marketing freelance business, at the Cannes Lions Festival. Toptal had previously focused on providing freelancers in software development, finance and product management.

The launch of Toptal Marketing and the acquisition of Growth Collective mark a pivotal milestone for the company, CEO Taso Du Val said in a press release.

“By launching Toptal Marketing and integrating Growth Collective’s talent pool of top freelance marketers, we are well positioned to deliver unparalleled marketing talent and solutions to our global client base,” Du Val said.

Toptal ranks as the seventh-largest talent platform globally based on gross spend, according to SIA’s Talent Platform Update 2023 report.

In a note to SIA, Toptal reported the deal took place at this time because Growth Collective presented an opportunity for it to accelerate the time to market for Toptal Marketing. The company noted it will take over all management of Growth Collective after a brief transition period.