Kronos Incorporated announced that the company has reached more than $1 billion in annual revenue for the first time in its 36-year history. Kronos, located in Chelmsford, MA has more than 40,000 customers worldwide with over 11,000 customers having been signed in Kronos’ cloud-based software offering during the past four years. “That’s the fastest-growing part of our business,” according to Kronos CEO Aron Ain.
“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 has never been brighter.”
Kronos was recently valued at $4.5 billion in part due to a recapitalization of the company in which two major investment firms made a $750 million equity investment. New York-based Blackstone and government-owned investment fund GIC, of Singapore, together own a roughly 40-percent stake in the company.
Ain said he was optimistic Kronos’s new private equity partners Blackstone Group and GIC could help the company further grow its sales. Both Blackstone and GIC have helped put Kronos in touch with executives of some of their other portfolio companies. Meanwhile, Kronos has also begun to see a benefit from being a part of Blackstone’s global purchasing organization.
Ain said that in the long-run an initial public offering remains a possibility, though that decision will come in the future. For now, the company appears intent on trying to grow beyond $1 billion in revenue.
MM Hayes has been a certified Kronos partner since 1985, and we are honored to be a part of this milestone in Kronos history. Look for a funny appearance by MM Hayes Vice President David Hayes in the video above!