Upwork’s Lifted buys Berlin EOR WorkMotion for $129.7Mn in cash
- Lifted, an Upwork company, acquired Berlin-based WorkMotion for about $129.7 million in cash.
- Upwork’s 10-Q says the deal closed Oct. 30, funded with cash on hand.
- WorkMotion will directly employ contingent talent across more than 30 countries.
- Upwork recorded $5.7 million in WorkMotion transaction costs in the third quarter.
CALIFORNIA, UNITED STATES — Lifted, an Upwork company, has acquired WorkMotion, a Berlin-based employer of record, for about $129.7 million in cash.
The deal closed on Oct. 30 and was funded with cash on hand. Lifted serves enterprise organizations that source, contract, manage and pay contingent talent, and WorkMotion will directly employ contingent talent across more than 30 countries.
Price disclosed in quarterly filing
Upwork announced the acquisition alongside its third-quarter results in a press release on Nov. 2. The price and closing date come from Upwork’s quarterly report on Form 10-Q, filed the same day, which says Lifted bought 100% of the equity of WorkMotion Software GmbH.
The 10-Q describes WorkMotion as a privately held, Germany-based employer-of-record business. Upwork said it has not yet completed the initial accounting for the deal, because it closed shortly before the financial statements were issued.
Upwork recorded $5.7 million in transaction costs tied to the acquisition in the third quarter, mainly legal, accounting and other professional fees, according to the release.
“We are doubling down on our enterprise strategy with Lifted’s acquisition of WorkMotion, a leading Berlin-based EOR, to capture growing global demand,” said Hayden Brown, president and chief executive officer of Upwork.
Less reliance on third-party EOR
Upwork said the acquisition builds on the success of Ascen. It expects the deal to strengthen its enterprise offering, reduce third-party EOR dependency and deliver more consistent pricing and experiences for global clients.
In the quarter, Lifted signed three new logos and was named a leader in Everest Group’s Contractor of Record (CoR) and Contingent Employer of Record (CEoR) Solutions PEAK Matrix Assessment for 2026.
Upwork reported third-quarter revenue of $185.6 million and net income of $31.8 million.
It also said Erica Gessert will step down as chief financial officer on Jan. 1, 2027. Peter Sanborn, its chief business officer, will succeed her.
“Peter has played an important role in shaping Upwork’s strategy, expanding our partnerships, establishing the new Lifted business, and bringing Upwork to more customers,” Brown said.
What it means for buyers
Owning an employer of record (EOR) lets Lifted employ contingent talent directly across more than 30 countries, which Upwork expects to reduce its dependency on third-party providers.
Enterprises hiring contractors and remote work teams abroad can ask platforms who legally employs their talent in each country, and weigh options with OA’s ultimate guide to outsourcing.
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