Reprinted from the Phoenix Business Journal:
Canal Partners buys majority stake in NETtime Solutions, LLC.
Canal Partners LLC has acquired a controlling interest in NETtime Solutions LLC, known for its web-based time and attendance software-as-a-service (SaaS) suite called NETtime.
Canal Partners is a Scottsdale-based private equity firm. Founded in 2002, NETtime has 27 employees and posted an undisclosed profit on revenue of $3.2 million in 2008, according to the announcement Tuesday. It has offices in Scottsdale and Bangalore, India.
The deal marks the second significant purchase for Canal Partners, which in November purchased a majority stake in online ground transportation booking company Limos.Com. Financial details of the deal were not disclosed.
“NETtime Solutions is a compelling business because it’s a top-tier player in the time and attendance space and its software as a service model makes it highly scalable,” said Canal Partners Managing Partner Jim Armstrong. “The company also has an impressive customer list that includes corporations such as Delta Air Lines, F.A.O. Schwarz and Aramark.”
NETtime’s software, which enables companies to manage all of their time and attendance functions via the web, covers more than 50,000 of its customers’ employees, the announcement said.
Armstrong and partner Wain Kellum, joined the NETtime Solutions board. Armstrong also is chairman of retail software provider JDA Software Group Inc. (Nasdaq:JDAS), which he founded in 1978. Canal Partners Managing Partner Todd Belfer was a founder of NETtime Solutions and serves as the company’s chairman.
Tuesday, June 16, 2009, 3:43pm MST | Modified: Wednesday, June 17, 2009, 6:18am