Kronos Incorporated

Type| Private

Traded as

| NASDAQ: KRON
Fate| Merged with Ultimate Software
Successor| Ultimate Kronos Group
Founded| October 31, 1977; 48 years ago (1977-10-31)
Founder| Mark S. Ain
Defunct| April 1, 2020 (2020-04-01)
Headquarters|

Lowell, Massachusetts

U.S.

Key people

| Aron Ain (CEO)
Revenue| $1.433 billion (2019)[1]
Owner| Hellman & Friedman

Number of employees

| 6,000 (2019)[2]
Website| www.kronos.com
Footnotes / references
[3]

Kronos Incorporated was an American multinational workforce management and human capital management cloud provider headquartered in Lowell, Massachusetts, United States, which employed more than 6,000 people worldwide.[4]

In February 2020, the company announced a merger with Ultimate Software. The merger was officially completed on April 1, 2020,[5] with then-CEO of Kronos Aron Ain leading the newly formed Ultimate Kronos Group as its first CEO.

## Contents

* 1 History
* 2 Acquisitions
* 3 References
* 4 External links

## History

Kronos Incorporated corporate headquarters in Lowell, MA

Kronos was founded in 1977 by Massachusetts Institute of Technology (MIT) and Simon Business School alumnus Mark S. Ain.[6] Under Mark Ain's leadership, Kronos sustained one of the longest records of growth and profitability as a public company in software industry history.[7]

In 1979, Kronos delivered the world's first microprocessor-based time clock and, in 1985, delivered its first PC-based time and attendance product.

In 1992, Kronos became a publicly traded company on NASDAQ.

Aron Ain succeeded his brother Mark Ain as chief executive officer in 2005.[8]

In March 2007, Kronos went private again, bought out for US$1.74 billion by the lead investor Hellman & Friedman and the secondary investor JMI Equity.[9]

In 2012, the Third Circuit Court of Appeals enforced a subpoena seeking production of documents by Kronos, Inc., in an administrative charge before the EEOC alleging disability discrimination. The charge was brought by an individual job applicant against Kroger Food Co., who did not hire the job applicant and used a Kronos assessment as part of its hiring process.[10] Kronos, which was not a party to the litigation, objected to the EEOC's subpoena on the basis that the information requested was irrelevant, and production would require Kronos to disclose protected trade secret information.[11]

In 2014, private equity firms Blackstone and GIC invested in Kronos alongside Hellman & Friedman and JMI Equity. In the transaction, Kronos was valued at $4.5 billion.[12] This was the first year that the company achieved $1 billion in annual revenue.[13]

In 2017, Kronos moved its corporate headquarters from the nearby town of Chelmsford to the Cross Point Towers in Lowell, Massachusetts, consolidating multiple offices under one roof.[14]

In February 2020, the company announced a merger with Ultimate Software to be led by Aron Ain.[15][16]

In April 2020, as a response to the COVID-19 pandemic, Kronos introduced an automated report-generating tool to aid contact tracing.[17] The tool analyzes work and attendance records of employees who test positive (or presumed positive) for COVID-19 to generate a report of potentially affected co-workers.[18]

On December 13, 2021, Kronos announced that, on December 11, it was discovered that Kronos had been subject to a ransomware attack which disabled the functionality of the Kronos Private Cloud software for "up to several weeks".[19] This breach forced many Kronos customers including municipalities, universities, and private employers to resort to alternative methods, including issuance of paper checks, to properly pay their employees.[20]

## Acquisitions

Kronos has conducted a number of acquisitions,[21] with some of the most notable including:

The Workforce Solutions software division of SimplexGrinnell was acquired by Kronos in January 2002.[22][23] Two years later, in September 2004, 3i Systems was acquired.[24][25]

In October 2009, the company acquired Stromberg from PayChex.[26][27] Principal Decision Systems International (PDSI) was acquired in May 2011.[28] A year later, in 2012, the company purchased SaaS provider SaaShr.com and OptiLink.[29][30]

Time Link International Corporation (TimeLink) was purchased in 2013.[31]

Kronos purchased Empower Software Solutions in 20116,[32] and both Financial Management Solutions, Inc. (FMSI)[33] and Digital Instinct Pty. Limited were purchased in 2017.[34]

## References

1. ↑ "Kronos Has Record 2019: Annual Recurring Revenue Crosses $1 Billion | Kronos". 6 November 2023. https://www.kronos.com/about-us/newsroom/kronos-announces-record-2019-annual-recurring-revenue-crosses-1-billion.
2. ↑ "Kronos To Hit $1.5B In Revenue In $22.5B Human Capital Software Market". Forbes. https://www.forbes.com/sites/petercohan/2018/09/27/kronos-to-hit-1-5b-in-revenue-in-22-5b-human-capital-software-market/#231a0dd01550. Retrieved 19 December 2019.
3. ↑ "FORM 10-K". https://www.sec.gov/Archives/edgar/data/886903/000119312506252481/0001193125-06-252481.txt.
4. ↑ "Kronos Employees Say Culture, Vision, and Innovation Drive Outstanding Engagement". Businesswire.com. 2015-05-12. http://www.businesswire.com/news/home/20150512005060/en/Proud-Kronites Kronos-Employees-Culture-Vision-Innovation-Drive. Retrieved 2018-03-18.
5. ↑ "Ultimate Software and Kronos Incorporated: "A Merger Like No Other"" (in en). https://www.hcamag.com/ca/specialization/transformation/ultimate-software-and-kronos-incorporated-a-merger-like-no-other/219116.
6. ↑ "A Conversation with Mark Ain ’67S (MBA)" (in en). https://rax.rochester.edu/s/1676/21/1col.aspx?sid=1676&gid=2&pgid=10192&crid=0&calpgid=13&calcid=664.
7. ↑ Turchin, Brian. "THE BIG THREE: MICROSOFT, SAP- AND KRONOS?" (September/October 2003). Software Business. http://www.capehornstrategies.com/Kronos3.pdf. Retrieved 2007-11-12.
8. ↑ Bryant, Adam (2016-09-09). "Aron Ain of Kronos: The Incalculable Value of a Good Boss". The New York Times. https://www.nytimes.com/2016/09/11/business/aron-ain-of-kronos-the-incalculable-value-of-a-good-boss.html.
9. ↑ "Today In Business - Buyout Deal For Kronos". The New York Times. 24 March 2007. https://archive.nytimes.com/query.nytimes.com/gst/fullpage-9405EED81530F937A15750C0A9619C8B63.html. Retrieved 18 March 2018.
10. ↑ "Appellant v. KRONOS INCORPORATED" (No. 11-2834). June 26, 2012. http://www2.ca3.uscourts.gov/opinarch/112834p.pdf.
11. ↑ "Third Circuit Enforces EEOC Subpoena Seeking Test-Maker's Files on Employee Selection Tests Used by Employer". 2 October 2012. http://www.employmentlawwatch.com/2012/10/articles/employment-us/third-circuit-enforces-eeoc-subpoena-seeking-testmakers-files-on-employee-selection-tests-used-by-employer/. Retrieved 18 March 2018.
12. ↑ Mike Spector; Gillian Tan (20 February 2014). "Blackstone, GIC Invest in Kronos". Wall Street Journal. https://www.wsj.com/articles/SB10001424052702303775504579394062394276616. Retrieved 18 December 2019.
13. ↑ Dan Primack. "Kronos hits $1 billion revenue mark". Fortune. https://fortune.com/2014/04/30/kronos-hits-1-billion-revenue-mark/. Retrieved 19 December 2019.
14. ↑ "From Mill City to Innovation Hub: Relocating a Global Headquarters Outside Boston". 20 September 2017. https://urbanland.uli.org/development-business/industrial-innovation-locating-global-headquarters-outside-boston/. Retrieved 18 March 2018.
15. ↑ "HCM giants Kronos and Ultimate Software merge" (in en). 2020-02-21. https://www.benefitnews.com/news/kronos-and-ultimate-software-merge.
16. ↑ Gottfried, Miriam; Lombardo, Cara (20 February 2020). "Two Big Workplace-Software Providers to Merge". Wall Street Journal. https://www.wsj.com/articles/two-big-workplace-software-providers-to-merge-11582212671. Retrieved 10 March 2020.
17. ↑ Sarkar, Brinda (2020-04-29). "Kronos introduces employee contact-tracing capability". https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/kronos-introduces-employee-contact-tracing-capability/articleshow/75447985.cms.
18. ↑ Golden, Ryan (2020-04-30). "Kronos unveils contact tracing to track COVID-19 spread at work" (in en-US). https://www.hrdive.com/news/kronos-unveils-contact-tracing-to-track-covid-19-spread-at-work/577047/.
19. ↑ "Kronos Private Cloud Status Updates | UKG". 2021-12-14. https://www.ukg.com/KPCupdates.
20. ↑ Sullivan, Becky; Franklin, Jonathan (2021-12-16). "Kronos hack will likely affect how employers issue paychecks and track hours" (in en). NPR. https://www.npr.org/2021/12/14/1064247651/kronos-hack-paychecks.
21. ↑ Ray-Ghosal, Indrani. "Kronos Acquires Financial Management Solutions Inc. to Deepen Financial Services Industry Expertise" (in en). CHELMSFORD, Mass. https://www.kronos.com/about-us/newsroom/kronos-acquires-financial-management-solutions-inc-to-deepen-financial-services-industry-expertise. Retrieved January 5, 2017.
22. ↑ "Kronos Acquires Australian Workforce Solutions Business of Simplex International Pty. Ltd. in Completion of 2001 Transaction" (Press release). Retrieved 18 March 2018.
23. ↑ Staff, P. B. N. (2002-01-03). "Kronos purchases unit of Tyco International's SimplexGrinnell" (in en-US). https://pbn.com/kronos-purchases-unit-of-tyco-internationals-simplexgrinnell8207/.
24. ↑ "Kronos acquires 3i systems". Boston Business Journal. 2004-09-22. http://www.bizjournals.com/boston/stories/2004/09/20/daily21.html. Retrieved 2018-03-18.
25. ↑ "Kronos buys Virginia's 3i Systems" (in en-US). 2004-09-20. https://www.bizjournals.com/boston/blog/mass-high-tech/2004/09/kronos-buys-virginias-3i-systems.html.
26. ↑ Woodie, Alex (20 October 2009). "Kronos Acquires Time and Attendance Software from Paychex". https://www.itjungle.com/2009/10/20/fhs102009-story10/.
27. ↑ "Kronos Acquires Stromberg from Paychex…from Kronos". October 14, 2009. http://hrtechnologyvendornews.com/2009/10/14/kronos-acquires-stromberg-from-paychex…from-kronos/. Retrieved 18 March 2018.
28. ↑ "Kronos Acquires Public Safety Scheduling Leader PDSI and its TeleStaff Product". Business Wire. 2011-05-02. http://venturebeatprofiles.com/news/view/result?article=388085.
29. ↑ "Kronos Acquires SMB Workforce Management Leader SaaShr.com". Business Wire. 28 March 2012. https://www.businesswire.com/news/home/20120328006171/en/Kronos-Acquires-SMB-Workforce-Management-Leader-SaaShr.com.
30. ↑ "Kronos acquires OptiLink to strengthen workforce management offerings" (in en). https://www.healthcarefinancenews.com/news/kronos-acquires-optilink. Retrieved 2020-09-21.
31. ↑ "Kronos Extends Workforce Management Market Leadership With Acquisition of TimeLink". 2013-08-20. http://www.kronos.com/pr/kronos-extends-workforce-management-market-leadership-with-acquisition-of-timelink.aspx.
32. ↑ "Kronos Acquires Empower Software Solutions". https://finance.yahoo.com/news/kronos-acquires-empower-software-solutions-153500466.html. Retrieved 2016-03-24.
33. ↑ "Kronos Acquires Financial Management Solutions Inc. to Deepen Financial Services Industry Expertise" (in en). https://www.kronos.com/about-us/newsroom/kronos-acquires-financial-management-solutions-inc-to-deepen-financial-services-industry-expertise. Retrieved 2017-07-27.
34. ↑ Zaharov-Reutt, Alex. "iTWire - Kronos' timely acquisition of 'Digital Instinct' and Virtual Roster a sure bet?" (in en-gb). https://itwire.com/business-it-news/business-intelligence/kronos’-timely-acquisition-of-‘digital-instinct’-and-virtual-roster-a-sure-bet.html.

## External links

* Kronos Inc official web site

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