It’s time to unite in the freelance market industry. French start-ups Malt buying back Comatch, a competitive marketplace focused on consultants and industry professionals. Comatch originally started in Germany, which means Malt is also doubling down on the German market with this acquisition. Terms of the deal were not disclosed but it involved a combination of equity and cash.
Malt started as a marketplace matching freelance developers, designers and other technical staff with companies looking for talent. Start-up company has grown Quite a lot of money and has attracted 340,000 freelancers across many European countries.
Initially limited to the French market, Malt has expanded into Germany, Spain, Belgium, the Netherlands and Switzerland over the past few years. 40,000 companies have turned to the Malt to find a freelancer or several freelancers.
Customers include Unilever, Lufthansa, Bosch, BlaBlaCar, L’Oréal and Allianz. As you can see, a lot of large scale companies have used Malt at some point.
Malt focuses exclusively on highly skilled freelance work that can fill the void when a new project comes up. In addition to developers, Malt now also offers opportunities for marketing and communication professionals, graphic designers and more.
Using a platform like Malt can be especially helpful when you’re starting out as a freelancer and you don’t have a large network of potential clients. The malt also helps you with the administrative paperwork. Freelancers can charge their clients directly from Malt and of course, Malt gets a small cut.
As for Comatch, the company follows a roughly similar model, but focuses specifically on management consultants and industry experts. To date, Malt has not specifically targeted business consultants. So the company is entering a new vertical.
“Comatch is the champion in the business consulting market. As a fellow company that shares Malt’s ‘community first’ approach, placing our talent at the core of our product and business for our vision of the future of work, We are eager and excited to bring together two worlds of highly skilled freelancers,” Malt Co-Founder and CEO Vincent Huguet said in a statement.
Malt also wants to be the market for freelancers in Europe. Comatch has attracted 15,000 freelancers across nine markets and two work with 80% of publicly traded companies on CAC 40 and DAX 40. Comatch represents an exciting outside development opportunity.
Following this acquisition, Malt has a number of ambitious goals. By 2024, the company is expected to generate €1 billion in business volume. And Malt plans to hire 150 more employees by the end of 2022.