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WorkForce Software Reports 108 Percent Rise in SaaS Bookings, Strong Performance Through First Half of 2014(Marketwire Via Acquire Media NewsEdge) LIVONIA, MI -- (Marketwired) -- 08/12/14 -- WorkForce Software, the leading provider of workforce management solutions for organizations with complex labor policies and stringent compliance demands, today announced details of its strong performance and robust growth achieved in the first half of 2014. During this time period, the company welcomed many new clients, received a majority investment and extended its lead in cloud-based workforce management solutions for large employers. "WorkForce Software's history is characterized by continued growth and improved year-over-year performance, and that trend continued through the first half of 2014," said Kevin Choksi, CEO and co-founder of WorkForce Software. "We expanded our reach in numerous industries and formed several strategic relationships that enhance our position in a dynamic workforce management market." Sales Growth and Client Wins Overall, WorkForce Software experienced substantial and sustained growth in the first six months of 2014, with total revenues up 48 percent over the same period in 2013, led by rapid adoption of EmpCenter®, the company's enterprise workforce management suite. As a result, SaaS bookings have risen by more than double (108 percent) compared to the first half of 2013, and SaaS revenues have increased 77 percent over the same time period. New clients represent large employers in a range of industries, including technology, healthcare, oil and gas, financial services, training and professional education, public sector and utilities. The company also had a strategic win in the European market, attracting a Switzerland-based global reinsurance company. WorkForce Software also cemented its leadership position in fatigue risk mitigation for the petrochemical industry, welcoming two new clients in this sector, a Canadian integrated energy company and a chemical company based in Louisiana. Additional new clients added in the first half of 2014 include: A national nonprofit organization committed to helping education institutions measure and improve learning outcomes A global supplier of health care information technology solutions, services, devices and hardware The most populous county in Illinois, providing services for more than 5 million residents The eighth-largest church in the U.S. One of North America's most diversified construction companies, serving the building, heavy industrial, civil and infrastructure, mining, pipeline, power and communication sectors A leading provider of semiconductor and system solutions for communications, defense and security, aerospace and industrial markets A leading provider of secure portable storage solutions New England's largest utility system serving more than 3.6 million electric and natural gas customers A national natural gas distributor serving over one million residential and industrial customers An American natural gas utilities holding company One of the oldest and largest medical providers in the Greater Cincinnati region The State of Delaware, which became the second state to leverage EmpCenter across all state agenciesIndustry Recognition WorkForce Software's rapid growth has been noticed by competitors, customers, industry analysts and the media alike. In particular, the company was recognized by Gartner as one of the four fastest growing vendors by Total ERP Software Revenue, Worldwide for 2013 outside the top 10, in the research firm's Market Share Analysis: ERP Software, Worldwide, 2013 report, released on May 5, 2014. Bill Kutik, leading independent analyst of the HR technology marketplace, commented, "Successful workforce management is more difficult than ever. Employers must not only have tools to automate key workforce processes like time and attendance and absence management, but also keep up with rapidly changing legislation and compliance. Many of the best-of-breed vendors, including WorkForce Software, also have critical workforce scheduling functionality, processes so large and complex that many broader HR tech vendors don't even try to copy them in their Time & Labor modules." Holger Mueller, principal analyst and vice president of Constellation Research, Inc., commented, "Compliance demands, the enormous potential of cloud delivery and greater competition for top talent have led many organizations to rethink their workforce management processes. Regardless of industry, today's organizations seek solutions that can automate key processes, such as time and attendance, absence management and scheduling, in order to remain competitive and minimize risk." Majority Investment In April, WorkForce Software announced another strategic step to accelerate its next phase of growth. New York-based Insight Venture Partners assumed a majority equity position in the company, bringing substantial resources and a pedigree in cloud-based technology to the partnership with WorkForce Software. The investment and partnership with Insight Venture Partners serve to further fuel WorkForce Software's global expansion. Strategic Alliance Another key to WorkForce Software's success is its ability to partner with other organizations that extend and increase the value of its solutions and services. In May, the company announced its strategic alliance with Benefitfocus.com, a leading provider of cloud-based benefits software solutions. Through this partnership, WorkForce Software has joined the company's app program, giving users of the Benefitfocus HR INTOUCH MARKETPLACE™ convenient access to EmpCenter. Vision 2015 WorkForce Software recently announced details of its next user conference, Vision 2015. The event, which brings together workforce management professionals from numerous industries and countries, will be held April 19-22, 2015 at the Westin Lake Las Vegas Resort and Spa in Henderson, Nevada. Vision offers attendees a range of educational sessions covering crucial aspects of workforce management, including timekeeping, attendance tracking, scheduling and leave management. Looking toward the Future "The first half of 2014 has been quite eventful, and more large employers have recognized the value of our solutions and the expert, responsive service that you can only get from a company dedicated to workforce management," said Choksi. "Combined with increasing industry recognition, the backing from Insight Venture Partners and an expanding partner network, this sales momentum enhances WorkForce Software's role as a top provider of enterprise cloud solutions." About WorkForce SoftwareWorkForce Software is the leader in workforce management software for organizations with complex policies and compliance concerns. Through its EmpCenter® and RosterLive workforce management suites, WorkForce Software enables organizations to fully automate time and attendance processes, effectively manage employee absence and leave, optimize staff scheduling, gain real-time visibility into labor costs and productivity, and mitigate the risks associated with employee fatigue. Hundreds of leading organizations rely on WorkForce Software solutions to streamline compliance, reduce labor costs, and provide more intuitive tools to their employees, and achieve strategic HR on a global basis. Copyright © 2014 WorkForce Software Source: WorkForce Software |