Workrise Company Research Report

Company Overview

• Name: Workrise

• Mission: Empower the people who power the world, particularly through energy innovation that fuels human potential.

• Foundation: Formerly known as RigUp, now over the years evolved into Workrise with expansion across various verticals.

• Key People:

• Randi Seran: VP of People

• Ed Neumann: Chief Financial Officer

• Joshua Trott: Chief Revenue Officer

• Headquarters: No information is available

• Number of Employees: No information is available

• Revenue: No information is available

• Company Recognition: Known for a comprehensive workforce management platform for the skilled trades, particularly in the energy sector.

Products and Services

Vendor Management

• Overview: A source-to-pay solution built for the energy sector. It streamlines the entire process from sourcing to payments.

• Key Features:

• Discovery: Access a network of trusted workers across 200+ service categories.

• Onboarding: Effortless onboarding with access to approval statuses and documentation.

• Safety & Compliance: Custom requirements setup with notifications for non-compliance.

• Data & Insights: Consolidated reviews of vendor spend, compliance status, and services.

• Managed Vendor Services: Comprehensive handling of vendor management tasks.

• Invoicing & Payments: Complete visibility of invoices without administrative burdens.

Staffing & Payroll

• Description: The most comprehensive workforce network with expansion into Canada offering a spectrum of inspection, project management, and workforce solutions.

• Key Features: Workforce solutions tailored for energy-focused staffing needs in the US and Canada.

Bid Management

• Description: Combines vendor discovery with streamlined RFQs management, providing an intuitive way to compare bids efficiently.

Recent Developments

• New Products/Features:

• Introduction of Workrise Vendor Management and Bid Management to tackle complex vendor related challenges.

• The Bid Management tool helps streamline RFQs for energy operators and their suppliers.

• Partnerships and Initiatives:

• Collaboration with Lone Star College offering free solar training programs.

• Partnership with Parsley Energy to implement a COVID-19 screening and mitigation program.

• Investment in Northern Ireland to expand tech operations and create 153 local jobs.

• Financial Developments:

• Raised $300 million in Series E Funding led by Baillie Gifford.

• Established the Elevate Foundation focusing on reducing unemployment and wage gaps for Black Americans.

• Philanthropic Efforts:

• Workrise Employees’ initiative to donate over 150 backpacks in a back-to-school drive.

• Creation of opportunities through the Elevate Foundation to support various communities.

Summary

Workrise stands as a pivotal force in the energy sector with innovative source-to-pay solutions. With a dedication to empowering skilled trades professionals and fostering energy innovation, the company positions itself as a leader in workforce and vendor management, bolstered by strategic financial and community-focused initiatives.