CHELMSFORD, Mass. -- (BUSINESS WIRE) -- Kronos Incorporated1 today announced that it has entered into a definitive 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 will invest in Kronos alongside the original investors Hellman & Friedman and JMI Equity. Hellman & Friedman will remain the majority investor in the company.
“We are thrilled to have Blackstone and GIC join the Kronos team. Their significant investments validate our company’s strategy and growth potential and support us as we rapidly extend our Kronos Cloud offerings; expedite our pace of product innovation; continue to broaden our vertical expertise; and accelerate our global expansion strategy.”
“Kronos’ exceptional value proposition and the strength and depth of the management team are the core reasons why Kronos has been one of our most successful investments. We continue to see tremendous opportunity and are excited to work together with Blackstone, GIC, JMI Equity, and the Kronos management team to position the company for the next phase of growth.”
“Kronos has the unique combination of industry leadership and expertise, entrepreneurial spirit, market-leading products, and a loyal customer base. The company has tremendous potential and we are excited to partner with the Kronos management team on growth initiatives.”
“As a long-term investor, GIC has been following the Kronos story since Hellman & Friedman’s initial investment. The company’s track record speaks for itself, and we are delighted to work with management and our partners to drive Kronos’ continuing success.”
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™.
About Hellman & Friedman
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, H&F has raised and, through its affiliated funds, managed over $25 billion of committed capital. The firm focuses on investing in superior business franchises and serving as a value‐added partner to management in select industries including software, financial services, insurance, business and marketing services, internet and digital media, media, healthcare, and energy and industrials. For more information on H&F, please visit www.hf.com.
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures falling outside of other funds’ mandates. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
GIC is among the world’s largest fund management companies with AUM of well over US$100 billion. Founded in 1981 to manage Singapore’s foreign reserves, GIC is an established global private equity investor. We invest in private equity funds as well as directly in companies, partnering with management teams and our fund managers. Our private equity universe ranges from venture capital, growth capital, and leveraged buyouts to special situations such as mezzanine and distressed debt and secondaries. The investment teams add value to the boards and management of the investee companies by providing advice and access to a global network of relationships. GIC is headquartered in Singapore with a network of offices in nine cities worldwide. For more information, please visit www.gic.com.sg.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software and technology-enabled services companies. Founded in 1992, JMI has invested in 112 businesses in its target markets and has over $2.1 billion of committed capital under management. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include DoubleClick, Eloqua, Halogen (TSX: HGN), PointClickCare, PowerPlan and ServiceNow (NYSE: NOW). For more information on JMI Equity, please visit www.jmi.com.
Footnote 1: Kronos Incorporated’s ultimate parent entity, Kronos Parent Corporation, officially entered this agreement. Note to reporters: cite agreement as being entered by Kronos Incorporated. (Kronos Parent Corporation is a legal entity.)
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