Magnit Achieves Highest Score for Vision & Capability in Everest Group’s 2023 VMS Peak Assessment for Third Straight Year

Magnit was also named an overall Leader for the third consecutive year

BURLINGAME, CA – June 8, 2023 - Magnit™, an Integrated Workforce Management (IWM) platform provider, announced that it was named a Leader in Everest Group’s 2023 Vendor Management System (VMS) Products PEAK Matrix® Assessment for the third consecutive time. According to Everest Group, Magnit also achieved the report’s highest score for Vision & Capability for the third straight year, which speaks to its forward-thinking approach and unique value proposition compared to other options on the market. 

“Our performance in Everest Group’s VMS PEAK Matrix this year is a reflection of our commitment to innovation, shaping the future of work and driving positive impact for our clients,” said Vidhya Srinivasan, Chief Marketing Officer of Magnit. “In earning top marks for both Vision & Capability and Market Impact, Magnit has again shown the power of its platform and its commitment to serving as a partner to businesses as they face a rapidly evolving labor market and economic landscape."

Everest Group’s 2023 VMS PEAK Matrix — which is part of the global firm’s Contingent Workforce Management research program — evaluated 22 VMS providers and assigned them to three categories (Leaders, Major Contenders, or Aspirants). The position of Magnit VMS as a Leader in the 2023 PEAK Matrix was established by Everest Group’s scoring along two main axes, Vision & Capability and Market Impact:

• As the top-performing platform for Vision & Capability, Magnit was recognized for its exceptional core technology; emerging and differentiating capabilities; implementation, UI/UX, and support offerings; and engagement and commercial models. 
• As a top performer for Market Impact, Magnit also excelled in market adoption, portfolio mix, and value delivered based on growth metrics, client base diversity, and customer feedback.

In addition, Magnit was the only provider to score “high” marks across all five subcategories evaluated in the report’s “VMS capability overview,” including temporary labor management; services procurement / SOW management; independent contractor / SOW management; clinical healthcare-specific functionality; and marketplace capability (vendor/supplier/talent). 

“Magnit’s continued investments in enhancing capabilities while at the same time focusing on consolidating and integrating its wide array of capabilities confirms its positioning as a Leader on Everest Group’s Vendor Management System Products PEAK Matrix® Assessment 2023,” said Krishna Charan, Practice Director, Everest Group. “Its strategic partnerships, deep integrations with complementary technology providers, direct sourcing capabilities, and advanced analytics position it well to serve evolving client needs.” 

Also of note, Everest Group found that Magnit:

• “Has strong capabilities on the healthcare side [… and] supports the entire gamut of workflow and requirements for the healthcare industry.”
• “Is one of the few VMSs in the market with dedicated mobile applications for managers, workers, and suppliers.”
• “Has a strong analytics portal […] which provides comprehensive real-time workforce analytics and actionable insights […] referenced clients were also particularly appreciative of its market intelligence and data analytics capabilities.”

Read the full report

About Magnit
Magnit™ is a global leader and pioneer in contingent workforce management. Our industry-leading Integrated Workforce Management (IWM) Platform is supported by 30+ years of innovation, modern software, proven expertise, and world-class data and intelligence. It enables companies to optimize talent and diversity goals while achieving operational and financial success. With Magnit, companies can adapt quickly to the evolution of work to grow their extended workforce with greater agility, transparency, and speed. magnitglobal.com  

“Magnit” is a trademark or registered trademark of Magnit, LLC. Any trade, product, or service name referenced in this document using the name “Magnit” is a trademark and/or property of Magnit, LLC. 

Contact 
Andrew Petro, Account Manager 
Matter Communications 
MagnitPR@matternow.com