BrazilConsultants matchmaker Comatch joins freelancer marketplace Malt
Comatch, one of Europe’s largest marketplaces for independent consultants and industry experts, has been acquired by Malt, a freelancer marketplace with a broader focus.
Germany-headquartered Comatch was founded in 2014 by two former McKinsey & Company alumni with the aim of becoming Europe’s leading matchmaker for freelance management consultants.
Since its inception, on the back of a number of funding rounds, Comatch has grown into a network of more than 15,000 professionals based across 100+ countries.
As the firm enters a new chapter in its history, Comatch has joined the ranks of Malt, a French-origin freelancer marketplace that has grown explosively since its launch in 2013. Today, Malt is home to a community of 320,000 freelancers who together serve over 40,000 clients, including the likes of Allianz, Bosch, L’Oréal, Lufthansa and Unilever.
Commenting on the decision to join Malt, Comatch Managing Director Christoph Hardt said: “We believe in a future where technology and business consulting continue to grow closer together, which is why we are very excited to jointly build Europe's undisputed leading marketplace where organisations can find the best independent professionals for any possible project.”
For Malt, the acquisition provides the marketplace with entry into the high-end segment of management consulting. While Malt focuses on high-skilled freelancing jobs, the company’s focus has to date been on opportunities for digital talent, IT developers, marketing and communications professionals, SEO specialists, graphic designers and more.
“Comatch is a champion in the field of business consulting marketplaces. The segment represents an interesting growth opportunity,” noted Malt co-founder and CEO Vincent Huguet.
Valued at €500 million following its latest funding round that closed last year (€80 million), Malt wants to become the go-to freelancer marketplace in Europe. By 2024, the company expects to generate €1 billion in business volume. To realise this goal, the Paris-headquartered company is aiming to hire 150 new employees this year – which will lift total headcount to 600 staff.
Meanwhile, for Comatch, the integration sees the firm strengthen its position in the French market (its second market behind home base Germany) and across all major European hubs Malt and Comatch are active in. The deal will also provided the financial muscle to invest in its technology backbone – increasingly a competitive differentiator in the world of consultants matching.
Financial terms of the deal have not been disclosed. Previous backers of Comatch include Atlantic Labs, Acton Capital, btov Parnters, and FJ Labs. Malt is backed by among others Goldman Sachs and Eurazeo.
According to the latest data available, the global freelancing industry is worth more than €350 billion globally. The market is dominated by large US platforms, with Malt one of the largest European heritage players.
