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April 10, 2023

‍Torc, a Boston-based network that connects remote software developers with jobs, is seeking to acquire Latin American peers with highly skilled developer communities, said CEO and co-founder Michael Morris.

The cloud-native company, which is majority owned by Recognize Partners, is also interested in Latin American targets with good customer lists, he added.

Potential targets should be valued at less than USD 12m, the executive said. New York City-based Recognize Partners would fund any potential acquisition, he added. He did not say if it is already in talks with potential targets.

The company sees a "boom" in Latin America’s software talent market, he said. Torc already operates in Brazil, Colombia and Argentina, Morris said, noting that Torc would consider buys in these or any other Latin American country.

‍It announced last month its first acquisition of Codealike, a Buenos Aires-based developer of Coda, a coding performance measurement application that Torc is offering to its network of software developers for free.

Torc is also interested in acquiring targets in other geographies with interesting technology tools, particularly those involving matching algorithms, the CEO said. The company also focuses on the US, Canada, India, Poland, Ukraine, and Romania, he added.

Morris co-founded Torc alongside Frank de Souza, the former CEO and chairman of Cognizant Technology Solutions [NASDAQ:CTSH].

Before launching Torc, Morris co-founded Topcoder, which was acquired by Wipro [NYSE:WIT] in 2016. Cognizant Technology had tried taking over Topcoder.

Recognize Partners has been Torc's majority owner since September 2021, Morris said. "They're in it for the long term and I plan to stick with them," he noted.

Torc’s capital table also includes Asymmetric Capital Partners, he added. Its competitors include San Francisco-based Braintrust, Accenture [NYSE:ACN], and Robert Half [NYSE:RHI], Morris said.

Torc has around 40 employees and is not yet profitable, he said. He declined to disclose revenue.

Torc uses in-house lawyers. It recently switched from Silicon Valley Bank to JP Morgan Chase, following the fall of the California bank, he said.

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Torc Acquires Codealike to Advance Developer Productivity, Careers

Free Coding Performance Application Improves Software Community Skills and Job Opportunities, Quantifies Enterprise Value of Remote Talent

BOSTON – Mar. 23, 2023 – Torc, the nearshore intelligent talent network connecting quality remote developers with jobs, today announced the acquisition of coding performance measurement application Codealike to empower software developers with even more data that increases skills, job opportunities and enterprise value. 

Torc has expanded Codealike’s data and reporting capabilities as part of the relaunch. At no cost, Torc Community Members can visualize coding performance, draw insights about how to become an even stronger developer, and craft compelling quantified self-marketing assets to increase earnings and advance careers.

“The acquisition of Codealike, improvement of its productivity metrics and free delivery to the keyboards of the Torc Community further demonstrate why Torc is a preferred talent network for on-demand professional software developers and the innovative companies that need to hire them,” said Michael P. Morris, CEO and Co-founder of Torc. “Torc aims to empower developers with data and intelligence, protect IP, increase upskilling and career opportunities, and make the remote workforce indispensable. Understanding performance data is the best way to do that.”

Technical debt (short term technical decisions that distract developers from coding new features) costs companies tens of billions of dollars per year. Analysts at McKinsey found “tech debt” to take up 15% - 60% of a company’s entire IT budget. According to Gartner, companies that find ways to reduce tech debt will lower service delivery times by at least 50%. With Codealike, Torc is uniquely positioned to help companies minimize tech debt, while giving developers control of their coding and performance.

Data is Power and Developers are in Control
Personalized coding performance data is organized in a visual way that makes it easy to understand developer strengths and improvement opportunities. Developers decide when and what Codealike statistics to share for gamified recognition, peer ranking, team interaction and virtual collaboration. 

“Torc takes privacy seriously and is committed to protecting developer data; Torc Community Members decide whether or not to share information generated from using Codealike,” said David Messinger, CTO and Co-founder of Torc. “Integrity values like this are what differentiate Torc from others in the talent network space, and we’ll continue investing in the advancement of the software community’s skills and careers.”

New Codealike features developed by Torc bring a human-centered approach to developer productivity and maximize career and earning potential. For a limited time, developers can access Codealike’s Premium features for free by creating a Torc Community Member account and completing at least 80% of their Torc profile.

“Torc is already an amazing nearshore talent network that cares about my career, but the addition of Codealike really makes it stand out from the crowd,” said Paulo Vitor Magacho, a Torc Community Member from Brazil who uses Codealike. “Access to my coding data is so important and sharing it gives even more opportunity to expand my skills and earning potential.”

Sign up to join the Torc Network at www.torc.dev. For more on Codealike, visit www.codealike.com.

About Torc

Torc, the nearshore intelligent talent network connecting quality remote developers with jobs, provides career growth opportunities for its community and an AI-driven talent sourcing experience for companies. Backed by a board of technology and business veterans (Cognizant, Catalant, Atomic, Mozilla, Harvard) and the VCs Recognize and Asymmetric Partners, Torc’s emphasis on quality, performance and upskilling make it the preferred platform for on-demand technical talent and the companies that need to hire them. www.torc.dev.

Contact:

Jessica Ann Morris
Public Relations
jessica@torc.dev
781.608.0499

Business Wire

Torc Continues to Double Quarter-Over-Quarter Bookings, Software Developer Members

Nearshore Developer Network Proves Culture, Community, Performance are Differentiators

BOSTON – Mar. 10, 2023 – Torc, the nearshore developer network connecting quality remote developers with jobs, today released performance data that indicates continued positive growth since its public launch in March 2022. The productivity focused, AI-driven talent sourcing experience for companies and software developers continues to double Q/Q bookings and community members. Torc prioritizes culture, performance and career development to set it apart from the “churn and burn” style of others in the crowded future of work industry. The nearshore developer network is quickly becoming the preferred platform and community for remote software developers and innovative companies that need to hire them.

“Torc’s commitment to the software development community, and exceeding customer objectives with the quality, speed and productivity of on-demand talent that only Torc can provide, is what fuels our success,” said Michael P. Morris, Co-founder and CEO of Torc. “Torc will continue to provide advancements that foster our data, community and outcome-driven culture.”

Torc also expanded its executive team to include experts in the technology talent space. Torc’s new Chief Revenue Officer, Patrick Griffin, hailing from Catalant, demonstrates the value of Torc’s network to enterprise customers. Torc’s VP of Talent, Mark Bosma, previously with Toptal, MarketerHire and Braintrust, leads developer acquisitions with a focus on efficiency, performance and utilization metrics.

“The rapidly expanding technology gig workforce creates an imperative for large enterprises to modernize their staffing strategies for the Future of Work,” said Frank D’Souza, co-founder and managing partner of RECOGNIZE and Torc Board Chairman. “Torc has pioneered the next generation, AI-driven marketplace for enterprises to efficiently leverage this flexible talent pool. Just one year in, the Torc community has grown to over 8,000 top-tier engineers.”

Culture, Community and Performance Win Deals, Keep Talent
‍Virtual teams deliver code faster and build better software when they collaborate well, in real time, and are proud of their work. Torc’s focus on nearshore talent sourcing is part of a culture committed to making remote work work for all sides of the employment equation. Productivity tools and community support that advance developer skills throughout their careers return tangible value to companies that hire them.

Other milestones Torc recorded at the anniversary of its public launch included:

● 1,500% increase in customers in 2022 with an 80% customer retention rate.

● 1,100% community increase that includes software developers from 140+ countries, with the greatest recent engagement from LATAM, India and the US.

● 1,800+ Hiring Manager hours saved by using Torc.

● New talent operations centers opened in the U.S., India and Colombia.  

“Torc is one of the best teams I've worked with,” said Daniel P., a Torc Community Member recently staffed on a NASA project through Ensemble Consultancy. “I was fascinated by Torc’s network, the platform, and the culture and collaboration of Torc’s community.”

“Torc ensured we got the right talent at the right time,” said Oliver Gerland, director of strategy and product for Ensemble Consultancy. “The Torc experience proved that working with a fully-distributed engineering team is the future that all digital transformation services will inevitably move toward.”

About Torc

Torc, the nearshore developer network connecting quality remote developers with jobs, provides career growth opportunities for its community and an AI-driven talent sourcing experience for companies. Backed by a board of technology and business veterans (Cognizant, Catalant, Atomic, Mozilla, Harvard) and the VCs Recognize and Asymmetric Partners, Torc’s emphasis on quality, performance and upskilling make it the preferred platform for on-demand technical talent and the companies that need to hire them. www.torc.dev

Contact:

Jessica Ann Morris
Public Relations
jessica@torc.dev
781.608.0499

Business Wire