First Quarter Revenue Up 47% over same Period Last Year
Livonia, Mich., April 29, 2008 – WorkForce Software, Inc., a leader in workforce management solutions, reported today that revenue for the three months ending, March 31, 2008, increased by 47-percent over the same period last year. This upward trend is attributed to new customer sales in public sector, higher education, K-12, and utilities markets, and high demand for the company’s EmpCenter™ workforce management applications, which help employers better manage payroll costs, comply with labor regulations, and increase employee productivity and satisfaction.
The company is poised for rapid growth and expansion in 2008-2009 and, in December 2007, secured $5.5 million in capital funding from ORIX Venture Finance. The company expects continued growth in 2008 with the release of new products, which will bolster its world-class EmpCenter suite of workforce management applications.
Applications that manage the thousands of interactions between employees and employers are rising to the top of organizational priorities, because these applications focus employees on their jobs instead of paperwork. Employee self-service applications, like EmpCenter, also significantly reduce the risk of regulatory non-compliance with wage and hour laws and Sarbanes-Oxley regulations. 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.”
As a result of its rapid growth throughout 2007, WorkForce Software was awarded several distinctions, including Software Magazine’s “Software 500,” Inc. Magazine’s “Inc. 5000,” and Entrepreneur Magazine’s “Hot 500” list.
To support its growth, WorkForce Software has been increasing its staff in several key areas including in sales, development, implementation, and support departments and plans to hire additional team members throughout the year. WorkForce also expanded its customer base with several new customers in the first quarter, including Texas’ Lower Colorado River Authority, Pennsylvania’s Philadelphia Gas Works, and Michigan’s Wayne County Airport Authority.
“This is an exciting time for WorkForce Software,” said Kevin Choksi, president and CEO of WorkForce Software. “We’ve been growing profitably for years, but now expect to grow our revenues and product offerings at an increased rate over the next few years. This means better products, increased support, and more value for our customers.