hrtechoutlook

Providence Equity Partners Invests in TimeClock Plus

By HR Tech Outlook | Friday, September 27, 2019

Derek McIntyre, COO

The investment will be beneficial to both organizations in terms of market growth and profitability.  

FREMONT, CA: A TimeClock Plus, an employee management software provider, has derived majority investment from Providence Equity Partners (Providence), a renowned organization in the media, communications, education and information domain. TimeClock Plus founder Jorge Ellis will continue to be a shareholder in Providence and a member of the Board of Directors of the Company. Once the transaction is concluded, TimeClock Plus will retain its company office in San Angelo, Texas.

TimeClock Plus was founded in 1988 and is a worldwide provider of the best technology solutions to more than 60,000 companies across the public and private sectors. The products of the company are tailored to meet the particular HR needs of many sectors, such as education, public, retail, health and production. TimeClock Plus products are accessible as software-as-a-service (SaaS) provided by TCP Cloud and are available to clients via targeted internet apps, APIs, hardware terminals, and cellular apps.

Derek McIntyre, COO of TimeClock Plus said “TimeClock Plus has exceptional experience delivering best-in-breed software products to the market, and Providence Equity Partners has an equally impressive record of growing software businesses.  We feel this partnership is the perfect match to advance our mission of supporting the success of thousands of organizations around the world.”

TimeClock Plus has been working with Providence Equity Partners for around two years now and felt like their vision and method of operation were an excellent fit for their business.  For 31 years now, TimeClock Plus has organically grown with one proprietor and now was the time to follow the next stage in the business development.  This injection of capital will allow the company to grow both organically and through acquisition and to tackle projects that they had in mind for some time.  Additionally, with PEP's stake in 61 software companies, TimeClock Plus have gain access to a network of business leaders in operations, sales, and technology that they can use for knowledge and ideas.

“We are excited about our company, employees, and customers.  Partnering with Providence Equity Partners will create substantial job growth, both at our headquarters in San Angelo, Texas and in the DFW area, which enables us to more quickly deliver products and services that meet the needs of the ever-changing workplace” said Trey Watts, CRO at TimeClock Plus.

Providence is the primary global asset management company with total equity obligations of around $40 billion. The company developed a private equity sector-focused strategy, intending to build outstanding quality businesses by a committed group of sector specialists. It has invested in more than 180 businesses since its foundation in 1989 and has become a significant capital investment company focusing on the media, communications, education, and information industries.

“TimeClock Plus has built a sophisticated portfolio of software solutions that are critical to effective workforce management,” said William Hughes, Managing Director at Providence. “We look forward to working with Jorge, Ernie and the terrific team at TimeClock Plus to support the Company's organic growth plans and its commitment to the San Angelo community.”

David Phillips, Managing Director at Providence, added, “Our investment in TimeClock Plus is a great fit with our experience investing in market-leading software companies. The Company continues to deliver impressive organic growth, and we believe there are significant opportunities to further expand TimeClock Plus' customer-base and unique software offering.”

TimeClock Plus has been recognized as one of the 10 Hottest K12 Solution Companies in 2016 by Education Technology Insights Magazine.

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