OneSource Virtual (OSV), a leading provider of HR and payments services for the Workday ecosystem, today announced a strategic, majority growth investment from TA Associates (TA), a leading global private equity firm. This investment will support the continuation of OSV’s organic growth, product innovation, and enhanced customer capabilities across the Workday ecosystem.

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As part of the transaction, OSV founders, management, and employees will retain a significant minority stake in OSV. Halyard Capital and TCV will fully exit their stakes in OSV. Financial terms of the transaction will not be publicly disclosed.

Founded in 2008, OSV’s services and technology are purpose-built for the more than 1,400 Workday customers who trust OSV to handle payroll, tax, earned wage access, accounts payable, and benefits services. OSV provides a seamless, in-tenant experience for shared Workday clients, enabling them to execute time-sensitive business processes efficiently and accurately. OSV has grown its client base by 20% annually since 2020, highlighting the increasing value of its services for HR and Finance leaders.

“OSV’s proprietary technology, paired with our team’s deep Workday expertise and customer-first mindset, has enabled us to become a trusted partner for organizations managing complex, mission-critical processes within the Workday ecosystem,” said John Bax, CEO of OneSource Virtual. “We’re excited to partner with TA to build upon the strong foundation we’ve established. With access to TA’s experience and strategic resources, we intend to advance our technology platform, broaden the ways we support customers, and continue investing in the people and culture that define OSV.”

“OneSource Virtual has been a trusted Workday services and innovation partner for more than 17 years, providing scalable HCM and Financial Management services that allow Workday customers to focus on core business needs and not on administrative tasks,” said Matthew Brandt, Senior Vice President of Global Partners at Workday. “With OSV and TA working together, we welcome an expansion of OSV service and technology offerings purpose-built for Workday customers, further extending the value and possibilities of the Workday platform.”

“OSV has an excellent reputation as a leader in services for Workday’s U.S., Canada, and UKI clients. OSV has invested heavily in its technology and talent to manage administrative complexity for its clients,” said Roy Burns, Managing Director at TA. “We are excited to build on OSV’s well-earned success in partnership with John and the entire OSV team.”

“TA has spent considerable time evaluating the broader BPaaS landscape, and OSV stands out for its in-tenant delivery model, tech-enabled service approach, and deep alignment with the Workday ecosystem,” said Harry Taylor, Managing Director at TA. “Looking ahead, we see meaningful opportunity to continue to expand OSV’s product capabilities, including enhancements enabled by AI, and to introduce operational initiatives that further elevate the customer experience.”

Advisors

Weil, Gotshal & Manges LLP served as legal counsel to OSV. Goodwin Procter LLP served as legal counsel to TA.

About OneSource Virtual

OneSource Virtual delivers in-tenant technology and expert services to automate administrative and transactional tasks, including payroll, taxes, accounts payable, and benefits, within Workday. OSV has worked exclusively with Workday customers since 2008, with a services team that averages 10 years of Workday experience and 20 years of industry experience. With more than 1,400 customers, 95% retention, and over $200 billion in annual treasury movement, OSV helps organizations take their teams from transactional to transformational. To learn more, visit www.onesourcevirtual.com.

About TA

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its core sectors, including technology, business services, financial services, and healthcare. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 160 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai, and Hong Kong. Learn more at www.ta.com.

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