Fiverr, an Israeli startup that has become a global leader for online freelance services, said it has acquired the New York-based startup AND CO, which has developed a website to provides online tools to help freelancers better manage their business.
The amount of the deal was undisclosed, but the Globes financial website estimated the deal at “several million dollars,” citing market sources.
As part of the acquisition, AND CO’s software services, which were previously paid for by users, will be made available at no cost from now on, Fiverr said in a statement on Wednesday.
Founded in 2015 by Leif Abraham and Martin Strutz, AND CO received venture funding from Thrive Capital, BoxGroup, Red Swan Ventures and Designer Fund.
The New York firm has tapped into the community of freelancers by supplying them with a broad suite of services such as keeping tabs on time, invoicing, payments, contract creation, task management, and income and expense tracking.
The Israeli company said the acquisition of AND CO will complement the services Fiverr’s platform offers its users, enabling Fiverr to “dominate the entire freelance lifecycle.”
“As a marketplace, Fiverr has built all the tools necessary to conduct your business as a freelancer,” said Micha Kaufman, Fiverr’s CEO. “This includes everything from efficiently creating invoices and receiving payments to managing one’s time and projects. But even still today, 97 percent of freelancing is done offline, and we believe those freelancers should also enjoy access to these premium tools, and it shouldn’t have a cost associated with it.”
Joining Fiverr will allow AND CO to tap into the pool of freelancers that offer their services via Fiverr.
“Having the opportunity to join the Fiverr team is an extension of AND CO’s original mission of enabling people to focus on the work they love most,” said Leif Abraham, AND CO CEO and co-founder. “This new chapter is a chance to globally scale AND CO and bring more freelancers from the offline world to the online one.”
While the two brands will collaborate extensively, they will remain separate in the near term, with AND CO becoming AND CO from Fiverr.
AND CO is Fiverr’s second recent acquisition, after the Israeli firm acquired video firm Veed.me, a marketplace for video and animation professional freelancers, in June.
Fiverr “will continue to aggressively pursue professional vertical marketplaces as well as toolsets and services that allow freelancers and entrepreneurs to more effectively accomplish more,” the statement said.