The Blackstone Group and GIC have agreed to make a $750 million equity investment in Kronos as part of a recapitalization. The transaction is being effected at an enteprise valuation of $4.5 billion. Existing Kronos investors Hellman & Friedman and JMI Equity are maintaining stakes in the company, with Hellman & Friedman retaining a majority interest.
Kronos delivers cloud-based workforce management solutions that help clients control labor costs, minimize compliance risk and improve workforce productivity. Hellman & Friedman and JMI Equity took the company off the NASDAQ in 2007 for about $1.8 billion. Under its PE ownership, Kronos' revenues have jumped by 45% and EBITDA by 114%.