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WorkForce Software Raises $17 Million in Series A and Mezzanine CapitalWorkforce Management Innovator Focuses on Global Growth (November 29, 2011)
LIVONIA, MI -- (Marketwire) -- 11/29/11 -- WorkForce Software, the leading provider of workforce management solutions for organizations with complex labor policies and stringent compliance demands, today announced details of its Series A and mezzanine capital raise. A total of $17 million was raised from investors K1 Capital and Triangle Capital Corporation (NYSE: TCAP). The investment round will be used by WorkForce Software to expand its market presence globally as well as continue its investments in bringing innovative new capabilities to its clients.
Award-winning WorkForce Software was founded in 1999 and has been named one of the Top 100 North American companies by Red Herring and has ranked repeatedly on Inc. Magazine's Inc 5000 and Software Magazine's Software 500. The Company has hundreds of enterprise clients around the globe using its EmpCenter suite, including clients in North America, Europe, Latin America, the Middle East, and Asia. EmpCenter helps these employers track and manage employee time and labor, control and manage absences, schedule employees, ensure compliance, and mitigate the risk of employee fatigue.
Taylor Beaupain, Managing Partner of K1 Capital, commented, "We invest alongside strong management teams that continue to guide their organizations on a day-to-day basis. As partners, we seek to provide meaningful strategic and financial support to help these companies reach their full potential. WorkForce Software is an excellent example of how we can help our portfolio companies navigate strategic opportunities, especially given the loyalty of their existing clients, impressive new client growth and their continued commitment to product innovation."
Garland S. Tucker, III, President and CEO of Triangle Capital Corporation, said, "The combination of WorkForce Software's solid leadership team and deep product functionality initially piqued our interest. As we learned more, we found the strength of EmpCenter and WorkForce Software to support global clients is unmatched. This financing round will allow the company to fully exploit the global workforce management opportunity."
Kevin Choksi, CEO and co-founder of WorkForce Software, said, "WorkForce Software has a rich history of helping employers manage diverse, complex and dynamic workforces. Faced by a wide range of workforce management issues ranging from federal, state/provincial and local compliance regulations to fatigue management, the demand is becoming more intense and more pervasive. We've grown organically and profitably since the company's inception, but we felt the time was right to leverage outside investment to accelerate our growth. We're excited to close our Series A funding, which will enable us reach more clients around the world and continue our investments to bring even more innovations to the workforce management market."
About K1 Capital
K1 Capital is a Los Angeles-based private equity firm that invests in high-growth private companies across North America. K1 is known for its extensive experience in technology, business services, consumer products and other sectors and helping companies achieve successful outcomes by identifying and executing organic and acquisition-based growth opportunities that position them as industry leaders. More information is available at www.k1capital.com.
About Triangle Capital
Triangle Capital Corporation is a specialty finance company organized to provide customized financing solutions to lower middle market companies located throughout the United States. Triangle's investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. Triangle typically invests $5.0 million - $15.0 million per transaction in companies with annual revenues between $20.0 million and $100.0 million and EBITDA between $3.0 million and $20.0 million. More information is available at www.tcap.com.
About WorkForce Software
WorkForce Software is the leader in workforce management solutions 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 five key applications aimed at addressing an organization's end-to-end workforce management needs, including time & attendance, absence management, staff scheduling, fatigue management, and labor analytics. WorkForce Software's diverse customer base includes large employers such as the University of California, Pacific Gas & Electric Company, Blizzard Entertainment, Duke Energy and BBVA Compass. More information is available at www.workforcesoftware.com.
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