CHELMSFORD, Mass. – Kronos Incorporated1 today announced that it has completed its agreement to effect a recapitalization of the company through a $750 million equity investment by funds managed by Blackstone (NYSE:BX) and GIC. Blackstone and GIC have invested in Kronos alongside the original investors Hellman & Friedman and JMI Equity. Hellman & Friedman remains the majority investor in the company.
Aron Ain, chief executive officer, Kronos
“These investments validate our company’s growth potential. We are thrilled with our stellar team of investors and excited to continue our quest to help organizations around the world control labor costs, minimize compliance risk, and improve workforce productivity.”
About Kronos Incorporated
Kronos is the global leader in delivering workforce management solutions in the cloud. Tens of thousands of organizations in more than 100 countries – including more than half of the Fortune 1000® – use Kronos to control labor costs, minimize compliance risk, and improve workforce productivity. Learn more about Kronos industry-specific time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications at www.kronos.com. Kronos: Workforce Innovation That Works™.
Footnote 1: Kronos Incorporated’s ultimate parent entity, Kronos Parent Corporation, officially entered this agreement. Note to reporters: cite agreement as by Kronos Incorporated. (Kronos Parent Corporation is a legal entity.)
© 2014 Kronos Incorporated. Kronos and the Kronos logo are registered trademarks and Workforce Innovation That Works is a trademark of Kronos Incorporated or a related company. All other trademarks are property of their respective owners.