LIVONIA—The Livonia personnel management software developer WorkForce Software announced an equity investment from affiliates of Menlo Park, Calif.-based 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, which has been the majority investor in WorkForce Software since 2014. Terms of the transaction were not disclosed.
Founded in 1999, WorkForce Software offers cloud-based systems that allow mid-sized and large 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.
Isaac Kim, Evergreen managing director, said in a press release: “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.”
And Ryan Hinkle, Insight Partners managing director, said: “Managing today’s global workforce has become increasingly complex. 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.”
Finally, WorkForce CEO Mike Morini said: “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.”
Elliott Management manages two multi-strategy investment funds which combined have about $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.
Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. More at www.insightpartners.com.