Kronos has announced that it has been bought by entities affiliated with Hellman & Friedman Capital Partners, a private equity investment firm.
Kronos announced on March 23, 2007 a definitive agreement to be acquired by Hellman & Friedman in a transaction valued at approximately $1.8bn. Under terms of the agreement, Kronos shareholders will receive $55 per share in cash for each share of Kronos common stock held.
“We are pleased with the successful outcome of this transaction, which has provided great value to our shareholders,” said Mark S. Ain, executive chairman of the Kronos Board of Directors. “This transaction affirms Kronos’ value, market leadership, and the exciting growth opportunities in front of us.”
“Today we begin our next chapter as a private company. We are thrilled with the opportunity to work together with Hellman & Friedman in pursuing our goal of becoming the first billion dollar software company exclusively focused on human capital management,” said Aron Ain, Kronos’ chief executive officer. “We look forward to working with Hellman & Friedman as our owner, partner, and guide for this exciting journey.”
“As the new owners of Kronos, we will work with management to achieve the company’s long-term business goals,” said David Tunnell, managing director of Hellman & Friedman.
“Kronos is the clear market leader in using deep domain knowledge to provide specialized software to solve a deceptively complex customer problem. We believe the company has tremendous potential for growth.”
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London and is currently investing its sixth fund, which has more than $8 billion of committed capital. Investing alongside lead investor Hellman & Friedman is JMI Equity, a private equity firm focused exclusively on the software and business services industries.
