Luminate Capital Partners, a private equity firm investing in growth software companies, has acquired AbsenceSoft, an SaaS platform for leave of absence and accommodations management, from existing investors Norwest Venture Partners and Bow River Capital.
Terms of the transaction have not been disclosed.
According to a press statement, Luminate’s investment will help AbsenceSoft continue its growth trajectory and expand its leadership position in the market.
Purpose-built by HR professionals, AbsenceSoft’s platform aims to streamline and automate tasks involved in employee leave and accommodations processes.
Over the past three years, AbsenceSoft has seen over 400% growth in revenue and is now used by over 300 employers.
Raymond James provided M&A advisory services to AbsenceSoft. Goodwin Proctor was legal advisor to Norwest. Kirkland & Ellis served as legal advisor to Luminate.
