SOURCE: WorkForce Software

January 22, 2008 10:30 ET

ORIX Venture Finance Provides $5.5 Million Financing to WorkForce Software, Inc.

Workforce Management Software Vendor Gears Up for Growth and Expansion

LIVONIA, MI--(Marketwire - January 22, 2008) - WorkForce Software, Inc., a leader in workforce management solutions, announced today that ORIX Venture Finance has provided it with $5.5 million in financing for growth and expansion. WorkForce Software has grown 221% in the last 3 years and has received several high-growth-company awards in 2007, including Software Magazine's Software 500, the Inc. 5000, and Entrepreneur's Hot 500.

Applications that manage the thousands of interactions between employees and employers are rising to the top of organizational priorities, because they can significantly reduce the risk of regulatory non-compliance and minimize waste in the payroll process. WorkForce Software has experienced rapid growth by offering its EmpCenter suite of applications, which automate those core business interactions. Industry analysts have identified the workforce management applications market as one of the more rapidly growing sectors of Human Capital Management (HCM) applications.

"The human capital management software market is growing more than twice as fast as the enterprise application market as a whole. We expect it will pass the $10 billion mark within five years as fundamental shifts in the global workplace demand that companies invest in their employees and personnel-related business improvements and systems," said Christa Degnan Manning, Marianne D'Aquila, and Karen Carter in the June 2007 AMR Research Report, "The Human Capital Management Market Sizing Report, 2006-2011."

Technology investment firms prefer opportunities in stong high-growth markets, especially when the company in question displays other characteristics of success. "WorkForce Software has the right qualities for our selection process -- a good performance record, solid management team, and a sound strategy for growth," said Ray Boone, Principal of ORIX Venture Finance. "We feel fortunate to work with such a well-run organization and are confident of their ability to achieve even more success in the future."

Kevin Choksi, CEO of WorkForce Software, added, "We felt that now was the right time to enlist the support of a financial partner to help take our company to the next level. With backing from ORIX, we are sure of our ability to strengthen our position in our existing markets, expand into new ones, and add valuable new products and services for our customers."

About ORIX Venture Finance

ORIX Venture Finance provides enterprise financing to mid- and late-stage venture capital-backed companies via acquisition financing, expansion capital, working capital term loans and credit lines, and equity co-investments. The Venture Finance team, staffed with highly seasoned venture lending professionals, meets the challenges facing growth companies by structuring flexible financing packages that meet your unique needs. We are a stable and reliable partner dedicated to supporting the growth and success of professionally backed companies with a range of debt products. For more information, visit www.orixventurefinance.com.

About WorkForce Software

WorkForce Software, Inc. is a leader in workforce management systems for mid-sized and large employers. Its EmpCenter system automates and streamlines interactions between the employer and its workforce. Interactions include time entry, time-off requests, request for personal information, and schedule preferences. By automating these interactions, organizations can better manage payroll processing costs, help ensure compliance with state and federal regulations, and increase the productivity and satisfaction of their employees. The EmpCenter suite is composed of numerous applications, including Time and Attendance, Activity Based Costing, Multiple Assignments, Accruals and Absence Manager, FMLA Manager, and WorkForce Reporting. WorkForce Software's diverse customer base includes large employers such as DTE Energy, the University of California, the City of Raleigh, Vivendi Universal Games, and Compass Bank. For more information, visit www.workforcesoftware.com.

Copyright (c) 2008 WorkForce Software, Inc.

Contact Information

  • Media Contacts:

    Melissa Diemert
    Director of Marketing
    WorkForce Software, Inc.
    Email Contact
    (734) 742-3594

    Michelle O'Brien
    Communications Manager
    ORIX Venture Finance
    Email Contact
    (212) 497-7802