Kronos to Relocate Global Headquarters to Accommodate Extraordinary Growth and Unite Kronites Under One Roof at Lowell's Cross Point Towers
CHELMSFORD, Mass., Feb. 29, 2016 - Kronos Incorporated - the global leader in providing workforce management solutions in the cloud and one of the largest technology employers in Massachusetts - today announced plans to relocate its U.S. corporate headquarters to Cross Point in Lowell, Mass. and unite employees under one roof by occupying more than 435,000 square feet of office space across the entire first tower and into two floors in the second tower.
- To accommodate the company's consistent and exceptional growth as the global leader of workforce management solutions in the cloud, Kronos plans to enter into a 12-year lease to relocate its global headquarters to the Cross Point towers in Lowell, Mass.
- Kronos and Anchor Line Partners, which purchased Cross Point in 2014, plan to invest more than $40 million to design and build-out a completely modernized facility across more than 435,000 square feet of office space that is befitting of Kronos' award-winning WorkInspired culture and complements existing Cross Point amenities.
- Kronos plans to occupy all 13 floors of the first tower at Cross Point – dubbed the “Kronos Tower” – and two additional floors in the second tower by the summer of 2017, uniting all headquarters-based Kronites under one roof in an ultra-modern, high-tech, and environmentally-friendly space that will feature an open floor plan beaming with an abundance of natural light to stimulate collaboration, team building, and, above all, innovation.
- Located at the intersection of Interstate 495 and Route 3 in Lowell, Mass., with connections to the Massachusetts Bay Transportation Authority (MBTA) transit system, Cross Point offers a full range of amenities that meet the needs of today's modern workforce, including a 24-hour fitness center and game room, onsite daycare facility, full-service café and bistro, conference center complete with a 500-person auditorium, and a brand new Tavern in the Square restaurant, bar, and patio scheduled to open in the spring of 2016.
- Upon its relocation, Kronos will become one of the largest employers in Lowell and the largest tenant of Cross Point.
- Kronos has partnered with an award-winning architectural firm, Packard Design, to drive innovative office design concepts and provide strategic consultation over the course of the rebuild that will take the first tower at Cross Point from its current clean slate to a high-performance workplace for the future. Packard Design also helped Kronos renovate its technology center in Chelmsford, which opened in 2012.
- Relocating the Kronos headquarters from Chelmsford to Lowell will be the company's largest in a series of recent office openings and renovations around the world, including Indianapolis; Tigard, Ore.; Bracknell, U.K.; Mexico City; Noida, India; and Sydney, Australia.
- Kronos was founded in Brighton, Mass. in 1977 by MIT graduate Mark Ain and has grown steadily into one of the world's largest enterprise software companies, generating more than $1 billion in annual revenue with more than 25,000 customers using Kronos solutions in more than 100 countries.
- Kronos has been headquartered in Chelmsford, Mass. since 2000, with more than 1,200 employees today occupying nearly 322,000 square feet of office space across three buildings on its corporate campus along Route 129/Billerica Road.
- The company, led by CEO Aron Ain, employs more than 4,700 worldwide and intends to hire more than 1,000 employees in 2016. The company hired more than 200 employees in its Chelmsford headquarters in 2015, and many of its 300-plus current job openings are based in Massachusetts.
- Kronos, previously publicly traded on NASDAQ, was taken private by Hellman & Freidman and JMI Equity in 2007 in a transaction valued at approximately $1.8 billion. In 2014, Kronos completed a recapitalization of the company valued at $4.5 billion through a significant equity investment in funds managed by Blackstone and GIC, which invested in Kronos alongside Hellman & Freidman and JMI Equity. Hellman & Friedman remains the majority investor in Kronos as the company has continued to grow and expand.
Aron Ain, chief executive officer, Kronos
"Kronos has nearly four decades of deep roots in Massachusetts, an innovation hub with a diverse and highly skilled workforce. We are committed to remaining one of the state's largest technology employers. After a thorough assessment of current employee commute patterns and available real estate, we selected Lowell as our future home. Relocating to Cross Point will unite all local employees under one roof in an entire tower that's befitting of our WorkInspired culture, passion for innovation, and collaborative and curious Kronite nature. The new space will provide a plethora of amenities to Kronites in an ultra-modern, high-tech, eco-friendly space that will help us continue to attract and retain top talent while accommodating future growth plans. As we set our sights on moving to Lowell, we are thankful to the town of Chelmsford for being a wonderful home to Kronos for many years."
Jay Ash, secretary of housing and economic development, Commonwealth of Massachusetts
"This is great news for Massachusetts and the Merrimack Valley. Kronos is a terrific company that makes important contributions to not only our state's innovation economy, but the world's innovation economy, and I am looking forward to working with them on their planned expansion right here in Massachusetts."
Andrew Maher, co-owner, Anchor Line Partners
"We welcome Kronos to Cross Point with open arms and cannot wait to see what this partnership brings. To have one of the most influential and innovative technology providers in our property is certainly a win, but to work with an organization that cares so much about its employees and is willing to invest in creating a cutting-edge facility built to engage and inspire its people will certainly be an exciting endeavor. Kronos employees, customers, and partners have a lot to be proud of."
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™.
© 2016 Kronos Incorporated. All rights reserved. Kronos and the Kronos logo are registered trademarks and Workforce Innovation That Works is a trademark of Kronos Incorporated or a related company. See a complete list of Kronos trademarks. All other trademarks, if any, are property of their respective owners.
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