Kronos, a portfolio company of Hellman & Friedman and JMI Equity, has acquired the assets of time and attendance software vendor Stromberg from Paychex Inc. (Nasdaq: PAYX). No pricing terms of the all-cash deal were disclosed.
Further extending its leadership in workforce management, Kronos® Incorporated today announced that it has acquired the assets of time and attendance software vendor Stromberg from Paychex, Inc. (Nasdaq: PAYX) in a cash transaction.
* Stromberg, headquartered in Orlando, Fla., was founded in 1989 and purchased by Paychex in 2004. The company operated as a standalone division within Paychex with its own sales, support, and development teams.
* Stromberg’s 1,400 customers mainly include U.S.-based organizations in industries such as retail, hospitality, and not-for-profit. Customers include A&P Supermarkets, Bacardi Bottling, Cambridge Quality Care, Hillsborough County School District, Hudson Bookstores, Office Depot, PetCo, and Universal Studios. Stromberg was primarily a mid-market vendor, delivering time and attendance software to organizations with 250-1,500 employees.
* The acquisition extends Kronos’ leadership in workforce management, further strengthens Kronos’ position in the mid-market, and complements the company’s strengths in a broad range of vertical markets.
* Kronos will continue to support the acquired customers through a dedicated team of Stromberg employees based in Orlando, Fla.
* Aron Ain, chief executive officer, Kronos
“Kronos has a long history of financial stability and sustainable growth, which allows us to continually invest in product and services innovation for our customers. We welcome Stromberg customers to the Kronos customer community. We are committed to helping these organizations achieve even greater value in the areas of controlling labor costs, minimizing compliance risk, and improving workforce productivity.”
* Jonathan J. Judge, president and chief executive officer, Paychex
“Paychex acquired Stromberg five years ago to accelerate our entrance into the time and labor management business for our target market. The acquisition successfully fueled our strategy, as we gained both market access and knowledge that helped us create industry-leading time and attendance products for our client base – small- and mid-sized businesses.”
About Kronos Incorporated
Kronos is the global leader in workforce management solutions that enable organizations to control labor costs, minimize compliance risk, and improve workforce productivity. Tens of thousands of organizations in 60 countries — including more than half of the Fortune 1000® — use Kronos time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications. To learn how Kronos uniquely delivers complete automation and high-quality information in an easy-to-use solution, visit www.kronos.com.