Strategic Investment in Market-Leading Leave and Accommodations SaaS Platform Will Help Fuel Next Phase of Growth
SAN FRANCISCO, CA and GOLDEN, CO / ACCESSWIRE / September 17, 2024 / AbsenceSoft, the leading SaaS platform for leave of absence and accommodations management, today announced its acquisition by Luminate Capital Partners from existing investors Norwest Venture Partners and Bow River Capital. Luminate's investment will help AbsenceSoft continue its growth trajectory and expand its leadership position in the market.
Purpose-built by HR professionals, AbsenceSoft's platform streamlines and automates tasks involved in employee leave and accommodations processes. Trusted by over 300 employers, AbsenceSoft is dedicated to empowering businesses to build stronger, more supportive relationships with their employees during critical moments and maintain regulatory compliance.
"We are very excited to collaborate with Luminate as we continue our mission to bring humanity, certainty and efficiency to employers' leave and accommodations programs," said Mark Schiff, Chief Executive Officer at AbsenceSoft. "Luminate is deeply embedded in the enterprise software market and understands the value our customers get from improved compliance, better employee experience, less wasted resources and reduced talent turnover. They are the perfect partner as we look to scale and cement our position as the industry leader."
Over the past three years, AbsenceSoft has seen over 400% growth in revenue and now supports over 6 million lives on its platform. The company was named a 2024 Inc. 5000 honoree, an annual list of the fastest-growing private companies in America, and won the HR Tech Awards Best Innovative or Emerging Tech Solution in the Core HR/Workforce category for the second consecutive year.
"AbsenceSoft addresses an increasingly complex and urgent need shared by employers of all sizes and industries. We believe many organizations can greatly benefit from this type of solution," said Dave Ulrich, Partner at Luminate.
"We look forward to helping the AbsenceSoft team scale, drive product innovation and deliver increased value to customers," added Hollie Haynes, Managing Partner at Luminate.
"We are proud to have partnered with Mark and the AbsenceSoft team over the past several years alongside our co-investors Bow River," said Ran Ding, General Partner at Norwest. "The market for leave and absence management is stronger than ever, and AbsenceSoft has continued to separate itself as the clear market leader as it has expanded its team and product offering. We look forward to watching AbsenceSoft's continued success under Luminate's guidance."
Raymond James provided M&A advisory services to AbsenceSoft. Goodwin Proctor was legal advisor to Norwest. Kirland & Ellis served as legal advisor to Luminate.
Terms of the transaction were not disclosed.
About AbsenceSoft
AbsenceSoft is a leading provider of leave and accommodations management SaaS solutions. We deliver scalable, easy-to-use, and configurable software to easily and efficiently manage 190+ statutory policies like FMLA, ADA, and PWFA. Our software streamlines and automates leave and accommodations processes, ensuring compliance with federal and state regulations while elevating the employee experience. Built by leave professionals, for leave professionals, AbsenceSoft is trusted by employers across industries, Third Party Administrators (TPAs), and Professional Employee Organizations (PEOs) to manage over six million lives. We are widely recognized for our top-tier customer service and robust customer community engagement. Learn more at absencesoft.com or follow the company on LinkedIn.
About Luminate Capital
Luminate Capital Partners is a private equity firm investing in growth software companies, based in San Francisco. Luminate's portfolio of market leaders includes Axonify, Conexiom, Compliance & Risks, Ease, StarCompliance, Suralink and Thought Industries. For more information, please visit https://www.luminatecapital.com.
Media Contact
For AbsenceSoft:
Escalate PR
[email protected]
For Luminate:
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
SOURCE: AbsenceSoft