AltaLink Capital has recapitalized Efficient Forms, a hiring and onboarding software and services company. An investor group led by Housatonic Partners backed the transaction. No financial terms were disclosed.
Littleton, CO – Efficient Forms, a leading hiring and onboarding software and services company, last week announced it received a majority equity investment from AltaLink Capital with backing from a group of investors led by Housatonic Partners. The investment will be used by Efficient Forms to fund continued growth, broaden its suite of offerings, and deliver SaaS technology for hourly employers and payroll service bureaus.
Efficient Forms provides human capital management (HCM) software and tax credit processing. With over 2,000 end-customers and 1.7 million employees on-boarded to date, the Company’s SaaS platform provides onboarding, E-Verify, I-9 compliance, application tracking, work opportunity tax credit (WOTC) processing, and healthcare compliance. Its growing customer base spans across industries including quick-serve restaurants, call centers, staffing firms, retail, convenience stores, and payroll service bureaus.
Founded in 2004, Efficient Forms has a legacy of innovation and industry-leading customer service. This investment marks the first time Efficient Forms has taken institutional funding, as the Company has been largely bootstrapped since inception.
In conjunction with the transaction, Mike Robertson will become Chief Executive Officer, and Joe Niehaus and Mark McLaughlin from Housatonic will join the Board of Directors.
“I am excited to join Efficient Forms, a Company with a distinct track record of growth and product-market fit,” said Mike Robertson. “And with the backing of Housatonic Partners, a firm with a long track record in helping to grow market-leading software and services businesses, we will have the support and independence to take Efficient Forms to the next level.”
“We have enjoyed collaborating with Mike as he has searched for a compelling investment opportunity in verticals typically underserved by technology providers,” said Joe Niehaus, a Managing Director of Housatonic Partners. “We are excited to back him and the entire Efficient Forms management team in their efforts to consolidate Efficient Forms’ leadership in the hourly employer category.”
In addition to furthering Efficient Forms’ track record of industry-leading product innovation and customer service, the recapitalized Company plans to augment its offerings by pursuing selective acquisitions. “We see tremendous add-on acquisition opportunities among the diverse and fractured HR software and outsourced services landscape, particularly with respect to serving hourly employers. Having Housatonic as a partner will allow us to utilize M&A as a tool to acquire customers and product capabilities,” said Mike Robertson. Mark McLaughlin, a Principal at Housatonic Partners, added, “Housatonic looks forward to supporting Efficient Forms management as they seek to broaden the Company’s offerings and to provide an even more seamless, value-additive experience for their customers.”
Terms of the transaction were not disclosed.
About Efficient Forms
Efficient Forms designs and develops cloud based data collection automation software which integrates into a company’s human resource and hiring process. It serves customers in the restaurant, staffing, retail, call center, and convenience store industries. The Company’s flagship SaaS platform, Efficient Hire (EHX), delivers applicant tracking, onboarding, work opportunity tax credit (WOTC) processing, and healthcare compliance. Founded in 2004, Efficient Forms has built a core base of 2,000 end-customers. For more, information, please visit www.efficienthire.com.
About AltaLink Capital
AltaLink Capital is a leading, entrepreneurial investment firm focused on investing in and growing a single business. AltaLink focuses on software and technology-enabled business services companies. It aims to partner with founders and owners to monetize the value they have created and also provide executive management. AltaLink seeks to distinguish owners’ operating legacy by providing a bridge to the company’s next phase of growth and leadership. AltaLink targets profitable and growing, recurring revenue businesses and provides capital for liquidity, growth, and acquisitions. For more information, please visit www.altalinkcapital.com.
About Housatonic Partners
Housatonic Partners is a private equity investment firm founded in 1994 with more than $1.3 billion in capital under management. The firm invests in growing, profitable businesses with highly recurring revenue. Housatonic Partners has backed exceptional management teams in more than 90 small to mid-sized companies over the last 23 years. For more information, please visit www.housatonicpartners.com.