Inverness Graham has acquired SwipeClock, a provider of cloud-based workforce management software that is used for time and attendance tracking, absence management, workforce performance measurement, and regulatory compliance.
SwipeClock’s products – which include TimeWorksPlus, TimeSimplicity, and TimeWorksTouch Intelligent Clock – are sold through over 850 resellers and channel partners to more than 26,000 businesses that are active in the banking & financial, hospitality & leisure, business services, legal, education, manufacturing, food & beverage, retail & wholesale, and healthcare markets. SwipeClock, led by CEO Coleman Barney, was founded in 2000 by Mike Caldwell and is headquartered near Salt Lake City in South Jordan, UT (www.swipeclock.com).
“Our suite of integrated solutions empower our partners and their customers to optimize the management of their workforce, comply with critical federal, state, and local regulations and create stronger relationships with their employees,” said Mr. Barney. “I’m enthusiastic about the partnership with Inverness Graham and look forward to expanding our unique set of solutions for our customers that solve the real issues faced by businesses in a variety of industries, from healthcare to manufacturing.”
“SwipeClock is well positioned with a purpose built, channel ready product and go-to-market strategy focused exclusively on its channel partners, which have traditionally been comprised of independent payroll providers, professional employer organizations, banks, and payroll software companies,” said Trey Sykes, Managing Principal of Inverness Graham. “We look forward to supporting the company both organically and through strategic acquisitions to create an even more robust workforce management platform that enables our partners to have a stronger, deeper relationship with their end customers.”
Inverness Graham manages $500 million in capital and was formed by senior executives of the Graham Group, an industrial and investment concern with interests in plastics, packaging, recycling, building products and outsourced manufacturing. Inverness Graham is based near Philadelphia in Newtown Square, PA (www.invernessgraham.com).
Twin Brook Capital Partners, the middle market direct lending subsidiary of Angelo, Gordon & Co., provided debt and equity capital to finance this transaction. Twin Brook (www.twincp.com) focuses on loans to companies with EBITDA between $3 million and $50 million. The firm is led by Trevor Clark and Christopher Williams, two of the original founders of Madison Capital Funding.
Raymond James & Associates was the financial advisor to SwipeClock.
© 2017 Private Equity Professional | July 13, 2017