Workforce management software company UKG has launched a venture capital arm to invest in early and growth-stage companies developing workplace technology for enterprises.
The Lowell, Mass.-based firm announced this morning that UKG Ventures has completed its first three investments in companies focused on financial wellness, payroll automation and early-stage venture funding.
First portfolio companies
The fund invested in Financial Wellness Labs, an AI-based platform that provides financial coaching and management tools for employees. It also backed Intermezzo.ai, which automates global payroll calculations, compliance and tax filings through a single interface.
The third investment went to Acadian Ventures, an early-stage venture fund focused on workplace technology startups. The move gives UKG access to a broader network of companies that could integrate with its workforce management platform, according to the company.
Strategic focus
“UKG Ventures, along with UKG Labs, our M&A strategy, and our own organic development reflect our multi-faceted approach to delivering the best solutions to our customers,” said Arlen Shenkman, president and chief financial officer at UKG.
The company said the investments will give its customers early access to emerging workplace solutions.
The venture fund complements UKG Labs, a program that connects early-stage startups with UKG experts and customers to test workplace concepts. To date, 19 startups have participated in UKG Labs, including Financial Wellness Labs.
UKG provides HR, payroll and workforce management software to more than 80,000 organizations across 150 countries.
