[April 14, 2014] |
|
Kronos Completes Recapitalization; Adds World-Class Investors at $4.5 Billion Enterprise Valuation
CHELMSFORD, Mass. --(Business Wire)--
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 (News - Alert) alongside the original
investors Hellman & Friedman and JMI Equity. Hellman & Friedman remains
the majority investor in the company.
News Facts
-
As previously
announced on Feb. 20, the addition of Blackstone and GIC as
investors in Kronos brings further global expertise, resources, and
insight to the company, and will enable Kronos to accelerate the pace
of innovation that has fueled its growth in recent years.
-
Aron Ain, chief executive officer of Kronos, continues to lead the
organization.
-
Kronos, previously publicly traded on NASDAQ, was taken private by
Hellman & Freidman and JMI Equity in 2007, in a transaction valued at
approximately $1.8 billion. Kronos is nw valued at $4.5 billion.
-
Simpson Thacher & Bartlett LLP served as legal counsel for Kronos and
Hellman & Friedman. Morgan Stanley and Jefferies served as financial
advisors to Kronos. Kirkland & Ellis LLP and Blackstone Advisory
Partners served as advisors to Blackstone. Dechert LLP served as legal
counsel for GIC.
Supporting Quotes
-
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."
Supporting Resources
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.
[ Back To TMCnet.com's Homepage ]
|