eWork Acquires Brava Services
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eWork Exchange, which makes Internet-based purchasing, managing and payroll software, Wednesday says it has purchased Mountain View, Calif.-based Brava Services.
San Francisco-based eWork's flagship product, ProSource, is an end-to-end purchasing platform for sourcing, hiring, managing and payrolling the enterprise-wide contingent workforce. The plan is to fold Brava's technology into eWork's platform.
"In acquiring Brava, eWork will extend its reach across more clients, creating more operational efficiencies and cost-savings," says eWork CEO and founder Hans Bukow.
Bukow says the acquisition compliments last year's purchase of Tristep as the company continues to try to meet its goal of year-end profitability. eWork has some 75 corporate customers with more than 300,000 registered users.
Since both companies are privately held, executives at both companies are not disclosing the financial details. However, Brava says it recorded revenues of over $26 million in 2000. eWork says it's Payments Service division will bring in more than $50 million in annual revenue and profits.
"Brava's management team felt eWork's vision was the most complete and compelling of any of the companies we considered," says Brava Services vice president Shandy Dunn.
Brava currently payrolls more than 500 employees and professional consultants nationwide. It is not known how many of those employees will remain with the new company.