BV Investment Partners Announces Sale of TopBloc To ASGN Incorporated

Rhea-AI Summary

BV Investment Partners has announced a definitive agreement to sell TopBloc, a tech-enabled Workday consultancy, to ASGN Incorporated (NYSE: ASGN). Founded in 2016 and based in Chicago, TopBloc has completed over 300 Workday installations in the past five years, serving medium and large enterprise customers across North America.

TopBloc provides Workday deployment services and support across six industry verticals, including financial management, human capital management, and payroll management. The company's team of over 500 consultants will join ASGN's Consulting Services upon completion of the transaction.

The deal is subject to Hart-Scott-Rodino and other customary closing conditions, with an expected closing during the first quarter of 2025.

Positive

• Acquisition of TopBloc adds over 500 skilled consultants to ASGN's workforce
• Expands ASGN's presence in the growing Workday implementation market
• TopBloc brings a track record of 300+ successful Workday installations
• Diversification into six industry verticals through TopBloc's client base

Negative

• None.

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BOSTON, Feb. 4, 2025 /PRNewswire/ -- BV Investment Partners (BV), a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, announced today the signing of a definitive agreement for the sale of TopBloc, a leading, high-growth, tech-enabled Workday consultancy, to ASGN Incorporated (NYSE: ASGN).

Founded in 2016 and headquartered in Chicago, TopBloc provides Workday deployment services and on-demand support in areas ranging from human capital management to financial and payroll management. With more than 300 Workday installations over the past five years, TopBloc has become a preferred certified Workday Services Partner for medium and large enterprise customers across North America. TopBloc's diverse client base spans six industry verticals, including financial management, human capital management, and payroll management. Upon completion of the transaction, TopBloc's highly experienced team of over 500 consultants will become part of ASGN's Consulting Services. For more information, visit www.topbloc.com.

TopBloc Chief Executive Officer, Christopher Skinner, said, "Over the past five years, together with our partners at BV, we have consistently grown TopBloc, allowing thousands of enterprises to achieve effective Workday installations and to optimize the benefits of the Workday platform on an ongoing basis.  Companies are increasingly relying on Workday's mission critical solutions to achieve their growth and automation objectives, which we believe will result in continued acceleration of demand for our services in the future."

Matt Kinsey, Managing Partner at BV Investment Partners, commented, "TopBloc is a leading partner within Workday's ecosystem, having experienced strong performance since our investment in 2020. Chris and his team have done a tremendous job enhancing TopBloc's technology tools and scaling both its professional and managed services.  TopBloc has found a strong home as part of ASGN."

The transaction is subject to Hart-Scott-Rodino (HSR) and other customary closing conditions and is expected to close during the first quarter of 2025.

About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested approximately $5.6 billion, actively targeting investments in the tech-enabled business services, software, and IT services industries. The firm is investing out of its 11th private equity fund, which closed in September 2023 with $1.75 billion in capital commitments. BV was ranked in Inc. magazine's 2024 list of Founder-Friendly Investors. For more information, visit www.bvlp.com.

Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

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SOURCE BV Investment Partners

FAQ

When is ASGN's acquisition of TopBloc expected to close?

The acquisition is expected to close during the first quarter of 2025, subject to Hart-Scott-Rodino and other customary closing conditions.

How many consultants will ASGN gain through the TopBloc acquisition?

ASGN will gain over 500 consultants through the TopBloc acquisition, who will become part of ASGN's Consulting Services.

How many Workday installations has TopBloc completed in the past five years?

TopBloc has completed more than 300 Workday installations over the past five years.

What services does TopBloc provide that ASGN is acquiring?

TopBloc provides Workday deployment services and on-demand support in areas including human capital management, financial management, and payroll management.

How many industry verticals does TopBloc serve?

TopBloc serves clients across six industry verticals, including financial management, human capital management, and payroll management.