Friday, July 14, 2006

Kronos Buys Unicru for $150M

Kronos, a Massachusetts-based maker of workforce management software, said yesterday that it is buying Beaverton, Oregon-based Unicru, for $150M in cash. Unicru, which develops talent management software that is hosted as software-as-a-service. Kronos said that the acquisition is expected to contribute approximately $50M in revenue for fiscal 2007 for the firm. Unicru's software is used to automate hiring, human resources, and payroll management, and is used by companies such as Kroger, Toys "R" Us, Best Buy, and others for managing their hiring practices and staff. The firm received venture capital financing in 2000 from Venrock Associates, Benchmark Capital and Greylock Partners. Needham & Company and Tremont Associates are representing Kronos, and Montgomery & Co., is the investment banking advisor to Unicru.