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WorkForce Software Achieves Record Revenue Growth, Expanded Client Base in 2011Leader in Workforce Management Solutions Gained Significant Momentum Through Marquee Signings, New Product Offerings and High Renewal Rates (February 15, 2012)
LIVONIA, MI -- (Marketwire) -- 02/15/12 -- WorkForce Software, the leading provider of workforce management solutions for organizations with complex labor policies and stringent compliance demands, today shared details of its 2011 results. During a time of economic uncertainty, WorkForce Software achieved record-setting revenue growth, significant new client wins among large enterprises, and a continued high rate of client renewals. The company also secured $17 million in new funding, increased hiring and product investments, and expanded into new markets in what was a banner year across all aspects of the business.
Led by strong demand for its Software-as-a-Service (SaaS)-based deployment model, WorkForce Software recorded 75% bookings growth and 33% revenue growth in 2011. Bookings growth was led by SaaS bookings, which jumped a dramatic 118% over the previous year, as client demand confirmed SaaS is the preferred delivery method for enterprise workforce management solutions.
Innovative Products, New Markets
Several buying trends reshaped the way organizations prioritized and purchased workforce management solutions in 2011. Where time and attendance was once at the center of every solution purchase, employers are now looking at the business impact of leave and absence management as a primary driver for automation.
Reflective of this shift, WorkForce Software's leading absence management solution -- EmpCenter® Absence Compliance Tracker (ACT) -- was selected as a standalone solution for large clients in the retail and healthcare industries. ACT's ability to manage all federal, state, municipal, corporate and union leave policies, and the ability to provide ongoing compliance assurance through a unique regulatory update service, delivers a holistic approach that commodity-grade absence or Family Medical Leave Act (FMLA) tracking modules cannot support.
Similarly, 2011 marked a dramatic uptick in employee fatigue regulations and concerns. Petrochemical and pipeline companies turned to WorkForce Software's pre-configured EmpCenter Fatigue Management Compliance Paks to streamline compliance with new regulations and operating guidelines specifically tailored to their distinct work environments.
Capital Infusion Accelerates Investment
In November 2011, WorkForce Software also announced that it raised $17 million in Series A and mezzanine capital. Investors K1 Capital and Triangle Capital (NYSE: TCAP) were attracted to the company due to its 97% client retention rate, significant new client growth and ongoing commitment to product innovation. The company will use this investment to expand its sales and marketing presence globally while accelerating research and development efforts and speeding time-to-market for new solutions.
Diverse New Clients
In 2011, WorkForce Software gained new clients from a diverse range of industries, including manufacturing, higher education, energy, retail, health care, and the public sector. Marquee clients include two of the leading digital imaging technology providers, an entertainment company operating water and amusement parks in ten states and provinces, a healthcare chain that operates hospitals in twelve states, a major US-based airline with more than 75,000 employees, and one of Canada's "Big Five" banks.
Additionally, WorkForce Software extended its leadership in K-12 and higher education. More than a dozen colleges, universities, and school districts selected EmpCenter for its unmatched ability to handle industry-specific requirements such as multiple assignments and grant tracking without custom code.
WorkForce Software also recently announced two key partnerships. WorkForce Software joined the SuccessFactors Partner Program as a Strategic SuccessCloud Partner. The partnership enables SuccessFactors clients to automate complex labor policies, ensure compliance with absence and other regulations, and drive further insight into their workforce. WorkForce Software and Patersons, a leading provider of global payroll solutions also announced a strategic partnership that further expands the company's global footprint and enables large multi-nationals to seamlessly manage their workforce and payroll processes and ensure compliance with local regulations around the world. WorkForce Software and Patersons' first joint client, a complex, multi-national manufacturing firm will utilize the joint WorkForce and Patersons solution in 20 countries in Europe and Asia.
Bill Kutik, leading independent noted industry analyst and technology columnist at "Human Resource Executive," stated, "Workforce management technologies -- and the data they provide -- play an increasingly strategic role in the long-term operation of a business. In this context, the ability to connect a robust workforce management suite with other human capital management systems will become more valuable to HR practitioners."
Workforce Management and 'Thinking Beyond the Paycheck'
As both mid-sized and large enterprises have moved toward solutions that deliver more than just 'punch in, punch out' automation, organizations recognize the benefits of deploying end-to-end workforce management platforms to better understand and manage their labor activities. As a result, the majority of the WorkForce Software's new clients in 2011 purchased multiple EmpCenter products for their initial rollouts.
In The Top Five Processes for Human Capital Management, 2011, published on August 8, 2011, Gartner analysts Jim Holincheck and Thomas Otter observed that "workforce management is crucial for managing labor costs (which can be between 20% to 70% of total expenses for most enterprises). This can be a complex undertaking, especially for organizations with large percentages of hourly workers, unionized workers and/or multinational operations." The analysts go on to note that "in highly competitive markets, these cost savings can provide competitive advantages, and can be the difference between profit and loss."
As evidence of this trend, most of WorkForce Software's new clients are upgrading from an existing workforce management system versus automating workforce management for the first time. When their existing solutions could no longer meet their needs, these companies turned to WorkForce Software.
"WorkForce Software was the vendor of choice in numerous highly competitive evaluations in 2011," said Kevin Choksi, WorkForce Software CEO and co-founder. "EmpCenter offers the tools organizations need today to automate all aspects of workforce management with the flexibility that prepares them for any future changes, and that combination has resonated powerfully in the marketplace. We're thrilled with our performance in 2011 and, given the strong momentum we're carrying in to the new year, we expect 2012 to be a banner year as well."
For more information, visit www.workforcesoftware.com or contact us at (877) 493-6723.
About WorkForce Software
WorkForce Software is the leader in workforce management software for organizations with complex policies and compliance concerns. Its EmpCenter® suite enables strategic HR by automating and streamlining interactions between the employer and its workforce, enabling organizations to better manage payroll and processing costs, help ensure compliance with state and federal regulations, and increase the productivity and satisfaction of their employees. The EmpCenter suite is composed of numerous applications aimed at addressing an organization's end-to-end workforce management needs, including time & attendance, absence management, labor scheduling, fatigue management, and labor analytics. WorkForce Software's diverse customer base includes large employers such as the University of California, Blizzard Entertainment, the University of Alabama, Duke Energy and BBVA Compass. For more information, visit www.workforcesoftware.com.
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