Kronos Incorporated
Encyclopedia
Kronos Incorporated, is a U.S.-based multi-national human capital management software and services company headquartered in Chelmsford, Massachusetts
, USA and employing 3,000 people.
(MIT) alumnus Mark S. Ain. Under Ain's leadership, Kronos sustained one of the longest records of growth and profitability as a public company in the software industry. Ain's brother, Aron Ain, succeeded him as chief executive officer in 2005. Mark Ain continues as chairman of the Board of Directors.
Originally a manufacturer of microprocessor-based timeclocks, Kronos has expanded beyond data collection to software and services. The company now provides applications for workforce management; consulting, education, and support services to its customers, including software hosting for its applications.
The company was bought out for $1.74 billion by the lead investor Hellman & Friedman
and the secondary investor JMI Equity
in March 2007.
Chelmsford, Massachusetts
Chelmsford is a suburban town in Middlesex County, Massachusetts in the Greater Boston area. As of the 2010 United States Census, the town's population was 33,802. The Census Bureau's 2008 population estimate for the town was 34,409, ranking it 14th in population among the 54 municipalities in...
, USA and employing 3,000 people.
History
Kronos was founded in 1977 by Massachusetts Institute of TechnologyMassachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
(MIT) alumnus Mark S. Ain. Under Ain's leadership, Kronos sustained one of the longest records of growth and profitability as a public company in the software industry. Ain's brother, Aron Ain, succeeded him as chief executive officer in 2005. Mark Ain continues as chairman of the Board of Directors.
The company was bought out for $1.74 billion by the lead investor Hellman & Friedman
Hellman & Friedman
Hellman & Friedman is a private equity firm, founded in 1984 by Warren Hellman and Tully Friedman, that makes investments primarily through leveraged buyouts and minority growth capital investments....
and the secondary investor JMI Equity
JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software, internet, business services and healthcare IT companies. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Founded in 1992, JMI has invested in more than 100 companies throughout North...
in March 2007.