Moelis Capital Partners has acquired a stake in SwipeClock. No financial terms were disclosed. Mike Caldwell, founder and chief technology officer of SwipeClock, will retain an ownership stake in the company. In conjunction with the funding, MCP’s Kurt Larsen and Greg Share have been named to the firm’s board of directors. Also, SwipeClock has appointed Coleman Barney as CEO. Headquartered in Salt Lake City, SwipeClock is a provider of timekeeping solutions for the payroll sector.
NEW YORK – June 2, 2014 – Moelis Capital Partners (MCP) today announced its investment in SwipeClock, a leading national Software as a Service (SaaS) provider of time, attendance and workforce management software for small to mid-sized companies that is sold exclusively through payroll providers, professional employers organizations, administrative services organizations and Certified Public Accountants.
Headquartered in Salt Lake City, UT, SwipeClock has delivered simple and affordable timekeeping solutions to the payroll industry since 2000. The company licenses a user-friendly online application with an array of features to accommodate the needs of thousands of employers across multiple industries. Features include employee self-service, daily auto email reports, paid time off accruals, Affordable Care Act compliance reports, and mobile access. SwipeClock has approximately 750 reseller partners who use SwipeClock time and attendance solutions to service about 20,000 small and mid-sized companies with more than 625,000 employees.
Coleman Barney, who has been appointed Chief Executive Officer at SwipeClock, joins from Acteea, a business that provides analytics products that measure the effectiveness of marketing campaigns for the ecommerce industry. He previously served as President and CEO of Cogito, a company focused on social marketing analytics, and as President of Optura, an enterprise software company specializing in business process improvement.
MCP invested alongside the founders and management in this transaction. SwipeClock was founded by Mike Caldwell who continues to serve as Chief Technology Officer and will retain an ownership stake in the business.
Mr. Caldwell said, “This investment by Moelis Capital Partners provides us with additional financial and leadership resources that will help us capitalize on the wealth of opportunities in the workforce management software market.”
Greg Share, a Partner at MCP, said, “We are very excited to be partnering with Mike and the rest of the management team at SwipeClock and look forward to continuing to accelerate the development of the workforce management platform.”
MCP Managing Partner Kurt Larsen and Mr. Share will join the Board of Directors alongside MCP Executive Advisory Board member Ned Stringham.