Kronos Completes Recapitalization
CHELMSFORD, Mass. – 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 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 now 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 Hellman & Friedman
- About Blackstone
- About GIC
- About JMI Equity
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.)
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© 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.
Contact
Michele Glorie
Kronos Incorporated
+1 978.947.2855
michele.glorie@kronos.com