Fieldglass, Inc., a Chicago, IL-based technology provider to procure and manage contingent labor and services, has received a majority investment from Madison Dearborn Partners.
Upon completion of the transaction, which values Fieldglass in excess of $220m, Madison Dearborn will hold a majority ownership position in the company. Jai Shekhawat, founder and CEO of Fieldglass, and the company’s management team will retain a significant ownership stake.
Madison Dearborn Partners acquired the stake from Grotech Ventures.
The new capital will enable the company to accelerate its global market expansion and strategic development initiatives.
Fieldglass’ Software as a Service Vendor Management System enables companies to procure and manage contingent labor and services such as statement of work engagements, offshore projects and independent contractors across different categories.
Clients include American Airlines, CVS Caremark, GlaxoSmithKline, Johnson & Johnson, Monsanto and Verizon.
FinSMEs
29/09/2010