Mid-market private equity firm LDC has exited its investment in Workplace Systems, the provider of cloud-based scheduling software to the retail and hospitality sectors, in a sale to US-based WorkForce Software, for an undisclosed sum.
WorkForce, which is backed by US private equity firm Insight Venture Partners, is one the world’s leading providers of cloud-based workforce management software. Its solutions support hundreds of large and mid-sized companies with employee time and attendance, scheduling and absence management, helping them to reduce costs and meet compliance requirements while increasing efficiencies and employee satisfaction.
Based in the UK and with offices in Chicago and Sydney, Workplace schedules over 500,000 workers each day for customers including retailer WH Smith, bookmaker Coral and train operating company Abellio.
LDC originally backed the management buyout of Workplace in 2012, enabling the business to delist from AIM, before providing additional capital in 2013 to support its expansion.
Mike Morini, Chief Executive Officer of WorkForce, says: “Combined with our world-class workforce management solution, the acquisition of Workplace Systems gives us competitive industry differentiation in retail and hospitality. We’re also super excited about the talent this adds to our team, including Workplace Systems’ CEO David Farquhar, who will become our Chief Operating Officer. By bringing our innovative technologies together, we can help employers around the world address their dynamic scheduling needs with the ultimate goal to delight customers with the best cloud-based workforce management solution on the market.”
David Farquhar, Chief Operating Officer of WorkForce Software, says: “Joining forces with another market leader creates an excellent outcome for Workplace, its people, partners and customers. LDC has been a hugely supportive partner in recent years, helping us realise our goals for the business and securing a strategic partner in WorkForce that will help us continue that journey.”
Chris Hurley, Chief Executive Officer of LDC, says: “Together, these two companies create a leading global player in the workforce management software arena, with highly complementary SaaS-based solutions, customers and cultures. We’re proud to have supported the development of the business over the last four years and wish the team every success for the future.”
Harris Williams & Co advised the shareholders of Workplace Systems.
Over the last two years, LDC has generated exit proceeds of more than GBP1.3 billion. Other recent exits include the GBP140 million IPO of premium lifestyle brand Joules, the GBP75 million sale of Property Software Group to Zoopla PLC and the sale of commercial radio group Orion Media to Bauer Media.
