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Blackstone & GIC to infuse $750mn capital in Kronos
21
Feb '14
Kronos Incorporated 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 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.
 
The addition of Blackstone and GIC as investors in Kronos brings further global expertise, resources, and insight to the company.
 
The new investment by Blackstone and GIC will enable Kronos to accelerate the pace of innovation that has fueled its growth in recent years. It will also enable the Kronos management team to continue to take a long-term view of how best to deliver superior products and services to its customers.
 
Aron Ain, Chief Executive Officer of Kronos, will continue to lead the organization. Kronos, previously publicly traded on NASDAQ, was taken private by Hellman & Friedman and JMI Equity in 2007, in a transaction valued at approximately $1.8 billion. Since that time, Kronos revenues have increased 45 percent and earnings before interest, tax, depreciation, and amortization (EBITDA) increased 114 percent. Kronos is fast approaching $1 billion in annual revenue.
 
Aron Ain, Chief Executive Officer, Kronos, "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."
 
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.
 

Kronos

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