Kronos Signs Agreement to Acquire AutoTime Business From Kaba Workforce Solutions
CHELMSFORD, Mass., Aug. 19, 2015 - Kronos Incorporated today announced that it has entered into a definitive agreement to acquire the AutoTime® business from Kaba Workforce Solutions, LLC - the North American operating subsidiary of Switzerland-based Kaba Holding AG (SWISS: KABN). Closing of the transaction is subject to customary closing conditions.
- AutoTime, a time and attendance and labor management solution, is used by more than 100 organizations, including seven of the top 10 Fortune 500 aerospace and defense companies with operations in countries such as Austria, Canada, France, India, the Netherlands, Saudi Arabia, Singapore, Spain, United Arab Emirates, the UK, and U.S. Once the transaction closes, these organizations will be Kronos customers.
- Organizations around the globe use AutoTime to increase operational efficiencies by tracking product costs, viewing work-in-progress, and measuring employee performance. For aerospace and defense manufacturers, real-time labor data collection and analysis is essential for measuring profitability of jobs and pinpointing unplanned labor costs. Addressing these needs, AutoTime offers real-time labor data visibility to support key metrics for these sectors including productivity, efficiency, and throughput.
- Ultimately, by offering solutions that help optimize efficiencies while allowing employees to have more visibility and control over their time worked, schedules, and time-off requests, AutoTime helps organizations enhance both productivity and employee engagement. This aligns with Kronos' vision of developing the workforce into a competitive advantage, which benefits employees, customers, and business bottom line.
- Upon closing of the transaction, Kronos will continue to support the acquired customers through a dedicated team of AutoTime employees, and AutoTime customers will have access to a comprehensive array of Kronos workforce management solutions.
Aron Ain, chief executive officer, Kronos
"We look forward to welcoming AutoTime customers to the Kronos customer community. Managing an organization's most valuable asset - the workforce - is incredibly complex, particularly for multinational organizations that must comply with a broad range of regulations, which vary by country. Kronos has a long history in managing deployments across more than 100 countries. Upon closure of the transaction, we will leverage our global expertise, as well as our expertise in key vertical sectors, to help AutoTime customers achieve further success."
Richard Souders, president and chief operating officer, Kaba Workforce Solutions, LLC
"Our AutoTime customers will be in great hands with Kronos, the global leader in workforce management. We are pleased that Kronos has agreed to acquire the AutoTime business and we are also excited about what the future will hold for AutoTime as it becomes part of the Kronos customer community."
About Kronos Incorporated
Kronos is the global leader in delivering workforce management solutions in the cloud. Tens of thousands of organizations in more than 100 countries - including more than half of the Fortune 1000® - use Kronos to control labor costs, minimize compliance risk, and improve workforce productivity. Learn more about Kronos industry-specific time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications at www.kronos.com. Kronos: Workforce Innovation That Works™.
Kaba - Beyond security
With its innovative products, systems and services, globally active technology group Kaba is a leading provider of high quality access management solutions, keys, cylinders, physical access systems, enterprise data and time recording, and hotel access systems. The group is also a global market leader for high security locks, key blanks, transponder keys and key manufacturing machines. The stock exchange-listed group (KABN and KABNE) employs around 9,000 people in more than 60 countries. For more than 150 years Kaba has set trends in security and beyond in terms of functionality, convenience and design - and always with a focus on optimum value to customers.
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