Insight Venture Partners has acquired a majority stake in WorkForce Software. No financial terms were disclosed. In addition to the investment, Ryan Hinkle, managing director at Insight Venture Partners and Ross Devor, vice president, have been added to the WorkForce board of directors. Lazard advised Workforce on the transaction. Headquartered in Livonia, Michigan, Workforce Software is a provider of workforce management solutions.
LIVONIA, MI–(Marketwired – Apr 23, 2014) – WorkForce Software, a leading provider of workforce management solutions, today announced that New York-based Insight Venture Partners has assumed a majority equity position in the company. The investment will accelerate WorkForce Software’s global expansion, including scaling operations to support the Company’s rapidly growing client base.
Founded in 1999, WorkForce Software has experienced tremendous growth in the evolving and expanding Human Capital Management (HCM) market. The company’s worldwide client base of customers uses its cloud-based workforce management suite to reduce costs, mitigate risks, and address the regulatory and HR complexities associated with managing a large or multinational employee base. In 2013, WorkForce Software increased revenues by 66 percent, sparked by rising demand for the company’s unique approach to time and attendance, scheduling, fatigue management and absence management requirements. In 2013, and for the second consecutive year, Inc. Magazine also recognized WorkForce Software as a top private industry job creator, and named the company to the Inc. 5000 list for a seventh consecutive year. WorkForce Software was also presented with the “Top Workplaces” designation from the Detroit Free Press for exceptional work environment, team culture, and growth opportunities.
Kevin Choksi, CEO and co-founder of WorkForce Software, said, “We’ve forged an environment where talented professionals put their skills and creativity to work in ways that deliver direct and tangible results for clients. It’s a culture of innovation and excellence, a philosophy that is shared by the team at Insight Venture Partners. This is an ideal partnership that will expedite our global expansion, benefitting our employees and clients alike.”
Ryan Hinkle, Managing Director at Insight Venture Partners, noted that, “WorkForce Software fits clearly within our strategy of investing in growing companies serving large global industries via leading technology solutions. We look forward to working with Kevin and his team as they guide WorkForce Software in its next phase of exponential growth.”
Following the transaction, Kevin Choksi, and the current executive team will continue to lead the company. Ryan Hinkle, Managing Director at Insight Venture Partners and Ross Devor, Vice President, will join the Board of Directors.
Lazard served as financial advisor and Miller Canfield served as legal counsel to WorkForce Software. Willkie Farr & Gallagher LLP served as counsel to Insight Venture Partners.
About WorkForce Software
WorkForce Software is the leader in workforce management software for organizations with complex policies and compliance concerns. Through its EmpCenter® and RosterLive workforce management suites, WorkForce Software enables organizations to fully automate time and attendance processes, effectively manage employee absence and leave, optimize staff scheduling, gain real-time visibility into labor costs and productivity, and mitigate the risks associated with employee fatigue. Hundreds of leading organizations rely on WorkForce Software solutions to streamline compliance, reduce labor costs, provide more intuitive tools to their employees, and achieve strategic HR on a global basis.
About Insight Venture Partners
Insight Venture Partners is a leading venture capital and private equity firm investing in eCommerce, Internet, on-premise and SaaS-based software and data-services companies. Founded in 1995, Insight has raised more than $7.6 billion and made more than 200 investments worldwide. Our mission is to find, fund and work successfully with visionary executives who are driving change in their industries. We provide founders with practical, hands-on growth expertise to foster long-term success. Learn more at www.insightpartners.com or follow us on twitter: @insightpartners