Deal marks British software company’s second acquisition this year
Advanced announced today that it has acquired Mitrefinch, a global provider of workforce management solutions. It is Advanced’s second acquisition of 2020 following the acquisition of Tikit a global legal, accounting and professional services software business in March and the third since it received an investment from funds advised by BC Partners and Vista Equity Partners to accelerate growth in August 2019. The deal marks an exit for leading mid-market private equity investor LDC, which first backed Mitrefinch in 2016.
This latest deal boosts Advanced’s market share in HCM, and further strengthens its offering with Cloud HR at its core, by offering a complete digital HR lifecycle from recruitment to retirement and full management of the employee journey, whilst further supporting the company’s ambition to become the number one provider of business software solutions in the UK and broadening its global reach.
Established in 1979, Mitrefinch provides user-friendly, cutting edge products across integrated time and attendance, payroll, HR and access control with sophisticated analytic capability. They help some 4,400 customers in over 80 countries to increase productivity, profitability and manage their workforce effectively, solving the complexities of managing time. With businesses losing an estimated £80bn a year in wasted time, Mitrefinch helps organisations spend their time on what matters most, with customers across all industries, including some of the UK’s largest manufacturing, transport, retail and construction organisations.
Gordon Wilson, CEO of Advanced comments: “The innovative workforce management solutions developed by Mitrefinch are an exceptional fit with our existing best of breed Cloud HR solution. We’ve seen the impact of Covid-19 change the future of workforce management and shifting workforce expectations, leaving companies facing uncertainties with regards to resourcing and staffing. Digital technology provides accuracy of data to enable rapid decision-making in shifting market conditions which is a vital tool for companies managing shift patterns and measuring critical output.”
Matt Jenkins, CEO of Mitrefinch adds: “Mitrefinch has a strong reputation for developing transformative products that help companies solve the complexities of managing time. Our solutions will integrate with Advanced’s Financial Management Systems (FMS) as well as their full suite of HCM solutions, enabling businesses to accelerate technology adoption. Covid-19 has accelerated digital disruption in the HCM sector and we’re excited to be part of Advanced’s journey in disrupting the market further.”
The acquisition of Mitrefinch underpins Advanced’s commitment to its Cloud-first strategy and extends its Cloud HR offering to its enlarged customer base. Cloud HR provides a centralised engine for HR departments and offers automation for manual processes and now integrated time and attendance, payroll, HR and access control – solutions.