Evergreen Coast Capital Corp, the tech-focused private equity arm of Elliott Management Corporation, has made a “significant” investment in WorkForce Software, a provider of cloud-based workforce management solutions. No financial terms were disclosed. As a result of the transaction, Evergreen will become equal partners with WorkForce Software’s majority investor Insight Partners.
LIVONIA, Mich., June 24, 2019 (GLOBE NEWSWIRE) — WorkForce Software®, a leading global provider of cloud-based workforce management solutions, announced today a significant equity investment from affiliates of Evergreen Coast Capital Corp. (“Evergreen”), the technology-focused private equity arm of Elliott Management Corporation. With the investment, Evergreen will become equal partners with Insight Partners, which has been the majority investor in WorkForce Software since 2014. Terms of the transaction were not disclosed.
Founded in 1999, WorkForce Software is making work easy for the connected workforce around the globe. The company’s cloud-based solutions enable enterprise and mid-sized organizations to digitize time and attendance processes, optimize employee scheduling, simplify absence management, and gain strategic business insights. WorkForce Software was the first workforce management provider to offer a flexible rules engine, which has fueled the company’s record growth in markets with complex, multi-national, and highly unionized environments. In recent years, the company has made significant platform investments. These investments have enabled the company to steadily grow its global customer base by improving the overall user experience with a new, mobile-first user interface designed to make managers and employees more productive in the moment.
The Evergreen investment will further propel WorkForce Software’s commitment to innovation, facilitate deeper expansion into international markets, and allow the company to scale its renowned customer experience as momentum and growth continue to accelerate.
“We are pleased to be investing in WorkForce Software alongside Insight Partners,” said Isaac Kim, Evergreen Managing Director. “As the only proven cloud vendor in the workforce management space, WorkForce Software’s solutions equip global organizations to manage complex pay and compliance policies while boosting employee engagement and productivity. With an increasing number of companies looking to enhance efficiency by embracing digital transformation, we see this investment as a strategic addition to Evergreen’s technology portfolio.”
“Managing today’s global workforce has become increasingly complex,” said Ryan Hinkle, Managing Director of Insight Partners. “From adapting to an onslaught of new and ever-changing regulations, to keeping employees engaged and productive, WorkForce Software enables global companies to manage the workforce experience while optimizing bottom-line margins. Evergreen’s investment further solidifies WorkForce Software’s standing in the market, and we look forward to embarking on this new phase of growth and expansion together.”
“We are excited to partner with Evergreen and accelerate the value we deliver to companies around the globe,” said Mike Morini, WorkForce Software CEO. “Evergreen’s significant strategic investment will help us expand our international footprint and enable WorkForce Software to double down on what we do best: enabling happy customers to move beyond proprietary clocks and dated, legacy vendors with innovative solutions for managing today’s increasingly complex, global workforce.”
Deutsche Bank Securities Inc. served as financial advisor to WorkForce Software and Insight Partners on the transaction. Willkie Farr & Gallagher LLP served as legal advisor to WorkForce Software and Insight Partners, and Ropes & Gray served as legal advisor to Evergreen Coast Capital.
About Elliott and Evergreen Coast Capital
Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. This investment is being led by Evergreen, Elliott’s Menlo Park affiliate, which focuses on technology investing.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About WorkForce Software
WorkForce Software is making work easy for the connected workforce around the globe. We provide enterprise and mid-sized organizations with real-time insights backed by pre-packaged domain expertise and proven flexibility. Our cloud workforce management solutions empower employees and managers to digitize time and labor processes, optimize demand-driven scheduling, simplify absence management and enable strategic business insight. With complete visibility across all employee groups and locations, WorkForce Software equips organizations to reduce labor costs, demonstrate compliance and boost employee engagement, all while maximizing operational efficiencies. For more information, visit workforcesoftware.com or follow us on Twitter @WorkForceSW.