CHELMSFORD, Mass., Jan. 19, 2006 - Broadening its presence in the gaming industry, Kronos ® Incorporated (Nasdaq: KRON) has acquired TimeWorks, Inc., a Phoenix-based provider of time and labor solutions, and acquired certain assets of Compu-Cash Systems, a Kronos distributor based in Las Vegas.
"We hit the jackpot with these acquisitions," said Aron Ain, Kronos chief executive officer. "By focusing exclusively on the needs of the gaming industry, TimeWorks has built an extremely strong enterprise time and labor business among top casinos and resorts. With the acquisition of Compu-Cash, Kronos gains a direct presence in one of the fastest-growing markets in the U.S. We also now have an opportunity to introduce our newly acquired customers to our award-winning customer service organization."
TimeWorks, Inc.
Under terms of the cash transaction agreement, Kronos has acquired TimeWorks, a, privately held enterprise software vendor that focuses on delivering time and labor solutions to the gaming industry. Capitalizing on the power performance of the IBM eServer iSeries platform, TimeWorks had developed a "who's who" customer base of the gaming industry's most recognizable names, including the world's two largest casino operators, as well as many tribal and independently owned operations across the county.
"We developed our time and attendance solution exclusively for the IBM iSeries server, the platform of choice for casinos and resorts to support their 24/7 operations," said Brian Nesbitt, co-founder of TimeWorks. "Kronos is one of the only vendors with an established presence in the gaming industry and an iSeries time and labor offering. Our customers will benefit immensely from the biometric technology, scheduling, and workforce management solutions offered by Kronos."
See related press release: On Jan. 10, Kronos announced availability of the latest version of its Kronos iSeries Central suite: http://www.kronos.com/About/pr_iSeries51_jan10.htm.
Compu-Cash Systems
In support of an ongoing effort to expand its direct sales network, Kronos has acquired the time and labor business from Las Vegas-based Compu-Cash. Kronos acquired certain assets of the privately held authorized distributor in a cash purchase transaction. Compu-Cash was a Kronos distributor in southern Nevada and northwest Arizona. By acquiring certain assets of Compu-Cash, Kronos now sells its workforce management solutions through its own direct sales network into one of the fastest growing markets in the U.S.
Kronos Incorporated is the most trusted name in workforce management. Kronos helps organizations staff, develop, deploy, track, and reward their workforce, resulting in reduced costs, increased productivity, better decision-making, improved employee satisfaction, and alignment with organizational objectives. More than 20 million people use a Kronos solution every day. Learn more about Kronos' high-impact enterprise solutions at www.kronos.com.