WorkForce Software has received a significant equity investment from affiliates of Evergreen Coast Capital Corp., the technology-focused private equity arm of Elliott Management Corp.
With the investment, Evergreen will become equal partners with Insight Partners, a New York firm which has been the majority investor in WorkForce Software since 2014. Terms of the transaction were not disclosed.
Founded in 1999 and based in Livonia, WorkForce Software develops cloud-based solutions to 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.
The Evergreen investment is expected to 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,” Evergreen Managing Director Isaac Kim said in a statement. “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.”
“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,” said WorkForce Software CEO Mike Morini in a statement.
WorkForce Software has raised $17 million through a Series A round, a venture round and now a private equity round, according to Crunchbase.
Deutsche Bank Securities Inc. served as financial adviser to WorkForce Software and Insight Partners on the transaction. Willkie Farr & Gallagher LLP served as legal adviser to WorkForce Software and Insight Partners, and Ropes & Gray served as legal adviser to Evergreen Coast Capital.