Workforce Management Software Vendor Gears Up for Growth and Expansion
Livonia, Mich., 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.