Majority Shares of TimeClock Plus Sold to Private Equity FirmPress Release
SAN ANGELO, TX — TimeClock Plus, an industry leading workforce management software provider based in San Angelo, announced today a majority investment from funds advised by Providence Equity Partners, a private equity firm that specializes in the media, communications, education and information industries.
TimeClock Plus Founder Jorge Ellis will remain a significant shareholder alongside Providence and will continue to serve on the Company’s Board of Directors. TimeClock Plus will maintain its corporate office in San Angelo upon closing of the transaction. Financial terms were not disclosed. Founded in 1988, TimeClock Plus provides technology solutions that aid over 60,000 public and private sector businesses worldwide manage complex timekeeping, employee scheduling, leave management and other workforce needs. The Company’s products are tailored to comply with the specific HR requirements of many industries including education, government, retail, health systems and manufacturing.
TimeClock Plus products are offered as Software-as-a-Service (SaaS) solutions hosted in the TCP Cloud and are available to customers through purpose-built web applications, application programming interfaces (APIs), hardware terminals, and mobile applications. The Company’s products are also seamlessly integrated with more than 300 payroll, Enterprise Resource Planning (ERP) and Human Capital Management (HCM) systems that enable customers to pay their people accurately and on time. “I am proud of the tremendous growth we have achieved over the last 30 years and our deep commitment to developing innovative solutions that help organizations optimally manage their employee timekeeping processes,” said Jorge Ellis, Founder of TimeClock Plus. “Providence’s investment in our company is a strong endorsement of our best-in-class technology solutions, highly talented team and future growth prospects.”
Ernie Nabors, CEO of TimeClock Plus, said, “Providence is an excellent partner for us as we embark on our next chapter of growth. Their significant software industry expertise and operational experience will be instrumental in helping us accelerate our growth strategy and identify new opportunities that further strengthen our value proposition to customers.” “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. Additionally, this opportunity allows us to expand our company footprint into other markets and to further grow our presence in the San Angelo community.” David Phillips, Managing Director at Providence, said, “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 distinguished software offering.” Wells Fargo Securities served as TimeClock Plus’ financial advisor and Jackson Walker LLP served as legal advisor to TimeClock Plus. Weil, Gotshal & Manges LLP served as legal advisor to Providence. Providence is a global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London.
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