WorkForce Software to Receive Significant Equity Investment from Evergreen Coast Capital

June 25, 2019

Willkie advised WorkForce Software and Insight Partners, the majority investor in WorkForce Software since 2014.

On June 24, it was announced that WorkForce Software, a leading global provider of cloud-based workforce management solutions, will receive a significant equity investment from affiliates of Evergreen Coast Capital Corp., the technology-focused private equity arm of Elliott Management Corporation. With the investment, Evergreen will become equal partners with Insight Partners, which has been the majority investor in WorkForce Software since 2014. Terms of the transaction were not disclosed.

Founded in 1999, WorkForce Software’s cloud-based solutions enable enterprise and mid-sized organizations to digitize time and attendance processes, optimize employee scheduling, simplify absence management, and gain strategic business insights. WorkForce Software was the first workforce management provider to offer a flexible rules engine, which has fueled the company’s record growth in markets with complex, multi-national, and highly unionized environments. In recent years, the company has made significant platform investments. These investments have enabled the company to steadily grow its global customer base by improving the overall user experience with a new, mobile-first user interface designed to make managers and employees more productive in the moment.

Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide.

Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. This investment is being led by Evergreen, Elliott’s Menlo Park affiliate, which focuses on technology investing.

The Willkie team was led by partner Morgan Elwyn and includes associates Julian Golay and Kurt Lyn. Partner Christopher Peters advised on tax aspects, partner Michael Katz advised on benefits, and partner David Tarr advised on financing aspects.