Kronos Incorporated
| Company type | Private (after 2007 acquisition) |
|---|---|
| Industry | Workforce management, human capital management software |
| Founded | 1977 |
| Founder | Mark S. Ain |
| Fate | Merged with Ultimate Software to form Ultimate Kronos Group in April 2020 |
| Headquarters | Lowell, Massachusetts , United States |
Area served | Worldwide |
Key people | Aron Ain (CEO at time of merger) |
| Products | Workforce management and human capital management solutions delivered via cloud technology |
Number of employees | 6,000+ |
Kronos Incorporated was a global American provider specializing in workforce management and human capital management solutions delivered via cloud technology, with its headquarters located in Lowell, Massachusetts and a workforce exceeding 6,000 employees internationally.
In April 2020, the merger between Kronos and Ultimate Software, initially announced in February 2020, was finalized, resulting in the creation of the Ultimate Kronos Group, led by then-CEO Aron Ain who headed the unified organization.
History
Established in 1977 by Mark S. Ain, an alumnus of MIT and Simon Business School, Kronos experienced continuous expansion and profitability under his direction. The company pioneered the launch of the first microprocessor-driven time clock globally in 1979 and introduced its inaugural PC-based time and attendance system in 1985.
Kronos entered the public market through a NASDAQ listing in 1992. In 2005, Aron Ain took over as CEO from his brother Mark. Two years later, in 2007, private equity firms Hellman & Friedman and JMI Equity acquired Kronos in a $1.74 billion transaction, transitioning it to a privately held entity.
By 2014, with backing from investors such as Blackstone and GIC alongside previous stakeholders, Kronos reached a valuation of $4.5 billion and exceeded $1 billion in yearly revenue. In 2017, the company centralized several offices into a newly established headquarters in Lowell.
After announcing its merger with Ultimate Software in 2020, Kronos developed an automated contact-tracing solution during the COVID-19 crisis to assist employers in managing health-related workplace challenges.
In December 2021, a ransomware attack targeted Kronos' Private Cloud infrastructure, causing service interruptions lasting several weeks and affecting payroll processing for numerous clients including universities and municipal bodies.
Acquisitions
Kronos has broadened its market presence and enhanced its product range through key acquisitions such as:
- Principal Decision Systems International (PDSI)
- Workforce Solutions division of SimplexGrinnell
- Stromberg
- 3i Systems
- SaaShr.com
- Time Link International Corporation (TimeLink)
- Empower Software Solutions
- Financial Management Solutions, Inc. (FMSI)
- Digital Instinct Pty. Limited
- OptiLink
These strategic purchases have bolstered Kronos' position within workforce management and financial services sectors, facilitating its business expansion and international operations.