Catalant Technologies Secures $35M Investment from Morningside Group to Capitalize on Market Growth
"With uncertain demand and the impossibility of hiring experts in every role, businesses need to rethink their workforce and overcome the limitations of the full-time employee model," said Raj Ratnakar, Chief Strategy Officer of DuPont. "With Catalant, we can quickly find high-value talent for high-impact projects across multiple functions when we need it. The quality of the experts on Catalant's platform, the speed at which we can find the right person, and the results we've achieved have been spectacular — with more flexibility and at a lower cost than with traditional consulting firms. I've been a proponent of this model for a decade and Catalant is by far the best marketplace I've worked with."
Most Catalant customers are able to access freelancers with highly specialized skills within one day, compared to the six months or more needed to hire a full-time employee.
"It's no secret the consulting industry is ripe for disruption,"
Catalant isn't alone in the growing flexible work space. Upwork and Fiverr, both publicly-traded freelancer marketplaces, saw earnings beat expectations in late 2020 on the strength of high demand.
"Morningside was eager to invest in Catalant because there is a widening gap between the talent that companies need to compete and what they currently have. This is a big challenge that was only exacerbated by the global events of 2020," said Mick Sawka, Investment Manager at the Morningside Group. "Catalant directly solves this issue by allowing companies to flexibly tap into the people they need exactly when they need them, without overpaying for big, inflexible consulting solutions while simultaneously enabling individuals to take more control over their careers."
Catalant customers include more than 30% of the Fortune 100, including Anheuser-Busch InBev, Royal Dutch Shell, and General Electric. In 2020, Catalant announced the launch of the Catalant Platform, a SaaS platform that enables companies to better manage their strategic project portfolios.