- Livonia, Michigan-based workforce management solutions company WorkForce Software has received a strategic growth investment from Evergreen Coast Capital
WorkForce Software, a Livonia, Michigan-based workforce management solutions company, announced that it received a significant equity investment from affiliates of Evergreen Coast Capital (technology-focused private equity arm of Elliott Management Corporation) recently. With this round of funding, Evergreen is becoming equal partners with Insight Partners — which has been the majority investor in WorkForce since 2014. The terms of the deal were undisclosed.
“We are excited to partner with Evergreen and accelerate the value we deliver to companies around the globe,” said WorkForce Software CEO Mike Morini. “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.”
Launched in 1999, WorkForce Software’s cloud-based solutions enable enterprise and mid-sized organizations to digitize time and attendance processes, optimize employee scheduling, handle absence management, and gain strategic business insights. Plus WorkForce Software was the first workforce management provider to offer a flexible rules engine — which fueled the company’s record growth in markets with complex, multi-national, and highly unionized environments.
“Managing today’s global workforce has become increasingly complex,” explained 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.”
WorkForce has made significant platform investments in recent years. And 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.
Evergreen’s investment will further drive WorkForce Software’s commitment to innovation, facilitate deeper expansion into international markets, and allow the company to scale its customer experience.
“We are pleased to be investing in WorkForce Software alongside Insight Partners,” added Evergreen Managing Director Isaac Kim. “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.”
Deutsche Bank Securities served as financial advisor to WorkForce Software and Insight Partners on the transaction. And 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.
