It’s time for consolidation in the freelance market. French startup Malt has acquired Comach, a competitive marketplace targeted at consultants and industry experts. Comanche originally debuted in Germany, which means that the size of the malt in the German market will also double with this acquisition. Terms of the deal were not disclosed, but include a mix of equity and cash.
Malt started out as a marketplace where freelance developers, designers, and other tech workers meet up with companies looking for talent. The startup raised a lot of money and managed to attract 340,000 freelancers in several European countries.
Initially limited to the French market, in recent years the malt has spread to Germany, Spain, Belgium, the Netherlands and Switzerland. 40,000 companies have turned to Malt to find one or more freelancers.
Customers include Unilever, Lufthansa, Bosch, BlaBlaCar, L’Oréal and Allianz. As you can see, many large companies have used malt at some point.
Malt has a strong focus on highly skilled freelancers who can fill the gap when a new project comes along. Beyond developers, Malt now also offers opportunities for marketing and communications professionals, graphic designers, and more.
If you’re a freelancer and don’t have a large network of potential clients, using a platform like Malt can be especially helpful. Malt will also help you with administrative paperwork. Freelancers can pay their clients directly from Malt and of course Malt takes a small cut.
For CoMach, the company follows much the same model, but focuses on management consultants and industry experts. So far, Malt has not focused solely on business consultants. Thus, the company enters a new industry.
“Commatch is the champion of the business consulting market. As a partner company that shares Malt’s “community first” approach and puts our talents at the heart of the product and company for our vision of the future of work, we combine two worlds of our highly skilled freelancers who are happy and excited to provide you. This was stated in a statement by co-founder and CEO Vincent Huguet.
Malt aims to become a popular marketplace for freelancers in Europe. Comatch employs 15,000 freelancers in nine markets, and both companies work with 80% of companies listed on the CAC 40 and DAX 40. Comatch presents an interesting external growth opportunity.
After this acquisition, Malt set itself an ambitious target. The company is expected to have a turnover of 1 billion euros by 2024. And by the end of 2022, Malt plans to hire 150 more employees.