Canal Partners Acquires Time and Attendance Firm NETtime Solutions.SCOTTSDALE, Ariz. -- Canal Partners, a Scottsdale, Ariz.-based private equity firm, announced today it has acquired a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in privately held NETtime Solutions (www.nettimesolutions.com). Best known for its popular web-based time and attendance software-as-a-service (SaaS) suite called NETtime, the company was founded in 2002 and has grown to serve more than 50,000 employees to date. The acquisition is the second significant purchase for Canal Partners, which in November 2008 purchased a majority stake in online ground transportation booking company Limos.Com. Canal Partners is actively in the market to acquire technology-based companies with considerable growth potential. "NETtime Solutions is a compelling business because it's a top-tier player in the time and attendance space and its software as a service model makes it highly scalable," said Canal Partners Managing Partner Jim Armstrong Jim Armstrong may refer to:
Armstrong, along with partner Wain Kellum, has joined the NETtime Solutions board of directors. Armstrong is also chairman of the board of JDA Software JDA Software Group, Inc. is a demand and supply chain partner to the world’s leading retailers, manufacturers and suppliers and is located in Scottsdale, AZ. History Jim Armstrong, co-founded the U.S.-based JDA Software in 1985. Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : JDAS), which he founded in 1978. Canal Partners Managing Partner Todd Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. Belfer was a founder of NETtime Solutions and already serves as the company's chairman. NETtime Solutions has offices in Scottsdale, Ariz., and Bangalore, India, and currently has 27 employees. The company became profitable for the first time earlier this year and had 2008 revenues of $3.2 million. "It's an exciting period for NETtime and the time and attendance industry as a whole," said Bahan Sadegh, Chief Executive Officer of NETtime Solutions. "We believe we're poised to more than double the number of employees who use NETtime by the end of this year and we're planning to release a powerful upgrade in early 2010." The NETtime product suite enables companies to manage all of their time and attendance functions in an easy-to-use web environment. Functionality includes labor management, employee timesheets, benefit accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. calculation, real time & scheduled reporting, HRIS HRIS Human Resource Information System HRIS High-Resolution Imaging Spectrometer HRIS Highway Research Information Service HRIS High Resolution Infrared Sounder and payroll interfaces and multiple data collection options. The product is 100 percent web-based, highly secure, comes with technical support as well as training and can be implemented for as little as $50 per month. About Canal Partners Canal Partners is a private equity firm located in Scottsdale, Arizona Scottsdale (O'odham Vaṣai S-vaṣonĭ) is a city in Maricopa County, Arizona, United States, adjacent to Phoenix. Scottsdale has become internationally recognized as a premier and posh tourist destination, while maintaining its own identity and culture as " , seeking to realize superior returns by investing and partnering with proven management teams to create and increase value for highly scalable, growth-oriented companies with a focus on software and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the technologies. Alongside an investment commitment of $1 million to $5 million, typical portfolio companies will have an enterprise value of $5 million to $30 million, limited debt, solid cash flow, and a proven management team. For more information: www.canalpartnersllc.com. |
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