Kronos ® Broadens Presence in Human Capital Management Through Completion of Unicru Acquisition
Chelmsford, MA., Aug. 2, 2006 - Kronos ® Incorporated, (Nasdaq: KRON) a leading provider of software and services that empower organizations worldwide to effectively manage their workforce, today announced that it has acquired Unicru, Inc., a leading provider of talent management solutions. The acquisition extends Kronos' market leadership and accelerates the growth of its Human Capital Management platform. Under the terms of the agreement, Kronos paid approximately $150 million in cash for Oregon-based Unicru.
"This acquisition dramatically changes how organizations manage the workforce. By combining Unicru's expertise in selecting and hiring the highest quality people with Kronos' expertise in effectively deploying the workforce, we have created, for the first time, an integrated approach to optimizing workforce performance," said Aron Ain, Kronos chief executive officer. "Our customers now are able to select and hire the highest quality people and then deploy and manage them most effectively. This drives even greater labor productivity, enables them to deliver higher levels of customer service, and ultimately enhances top- and bottom-line results."
Kronos will immediately begin to execute the planned integration of the two organizations' operations and technology solutions. Unicru will now operate as the Kronos Talent Management Division, headquartered in Beaverton, Ore. Chris Marsh, former president and chief executive officer of Unicru, is joining Kronos as president of the Talent Management Division. Kronos plans to continue to enhance and expand its newly acquired base of Talent Management products and services in Beaverton as part of its expanding portfolio of Workforce Management and Human Capital Management solutions.
"The acquisition of Unicru is highly complimentary for Kronos since both organizations are focused on developing solutions to optimize workforce performance," said Lisa Rowan, program manager, HR and talent management services at IDC. "As Kronos continues to grow and expand its offerings, this is a major milestone in the organization's journey to become an even more strategic player in the Human Resources market."
For more information about the Unicru agreement, view the July 13 press release at:
About Kronos Incorporated
Kronos Incorporated empowers organizations around the world to effectively manage their workforce. At Kronos, we are experts who are solely focused on delivering software and services that enable organizations to reduce costs, increase productivity, improve employee satisfaction, and ultimately enhance the level of service they provide. Kronos serves customers in more than 50 countries through its network of offices, subsidiaries, and distributors. Widely recognized as a market and thought leader in managing the workforce, Kronos has unrivaled reach with more than 30 million people using a Kronos solution every day. Learn more about Kronos at www.kronos.com.