Kronos surpasses $1bn in annual revenue

08 May '14

2 min read

Kronos Incorporated announced that it has surpassed $1 billion in annual revenue. Breaking the $1 billion threshold comes weeks after Blackstone and GIC invested in Kronos alongside original investors Hellman & Friedman and JMI Equity in a transaction which valued the company at $4.5 billion.

"Kronos is delighted to join the exclusive group of software companies that have grown beyond $1 billion in annual revenue and the first vendor to do so in the workforce management market. Through innovation and focus on delivering tangible value to our customers, we are now a global enterprise software company with a significant cloud footprint," said Aron Ain, Kronos chief executive officer.

"With our amazing 3,800+ employees; diverse customer base; and the significant investments we are making in the cloud, vertical market expertise, global expansion, and our award-winning products, our future have never been brighter."

Second-Quarter Financial Results and News Facts

In addition to announcing its $1 billion revenue achievement, Kronos also announced financial results, company advancements, and customer successes for the second quarter of Fiscal 2014. Kronos revenue for the quarter increased to $248.7 million. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased to $80.5 million.

Kronos' continued momentum is being fueled by:

Tremendous growth of the Kronos Cloud - The Kronos Cloud is experiencing significant growth across all market segments. The fastest-growing aspect of the business, workforce management cloud revenue increased 56 percent and bookings increased 72 percent during the quarter. More than 60 percent of new customers selected from an array of Kronos Cloud offerings, bringing the total number of organizations leveraging the Kronos Cloud to more than 11,000.

Vertical expertise - Kronos experienced strong momentum across targeted vertical segments - including retail and hospitality, healthcare, services and distribution, manufacturing, and the public sector. The manufacturing sector was particularly strong having its best-ever quarterly performance and growing product bookings 60 percent.

Global market leadership - Deployed in more than 100 countries, Kronos remains the world's leading supplier of workforce management solutions. Ventana Research named Kronos the top "Hot" vendor in workforce management, recognizing the latest version of the company's Workforce Central suite in terms of capability, reliability, cost of ownership, and return on investment.

Rapid pace of innovation - Recent innovations in Kronos workforce management solutions drove a strong double-digit increase in product bookings during the quarter.

Click here to view full results.

Kronos

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