Clearwater International advises on workforce management company acquisition
Birmingham-based Clearwater International has advised Advanced on its acquisition of Mitrefinch, a global provider of workforce management solutions.
This is Advanced’s third acquisition since it received an investment from funds advised by BC Partners and Vista Equity Partners to accelerate growth in August 2019.
The deal marks an exit for leading mid-market private equity investor LDC, which first backed York-based Mitrefinch in 2016.
Established in 1979, Mitrefinch supports approximately 4,400 customers in over 80 countries to increase productivity, profitability and manage their workforce effectively.
Gordon Wilson, CEO of Advanced, said: “The innovative workforce management solutions developed by Mitrefinch are an exceptional fit with our existing best of breed Cloud HR solution. We’ve seen the impact of COVID-19 change the future of workforce management and shifting workforce expectations, leaving companies facing uncertainties with regards to resourcing and staffing. Digital technology provides accuracy of data to enable rapid decision-making in shifting market conditions which is a vital tool for companies managing shift patterns and measuring critical output.”
Matt Jenkins, CEO of Mitrefinch, added: “Mitrefinch has a strong reputation for developing transformative products that help companies solve the complexities of managing time. Our solutions will integrate with Advanced’s Financial Management Systems (FMS) as well as their full suite of HCM solutions, enabling businesses to accelerate technology adoption. COVID-19 has accelerated digital disruption in the HCM sector and we’re excited to be part of Advanced’s journey in disrupting the market further.”
Wesley Fell-Smith, TMT director at Clearwater International, said: “The acquisition of Mitrefinch underpins Advanced’s cloud-first strategy and extends its cloud HR offering. This is the second time we have worked with Advanced in the last 18 months having sold Kirona in 2019, another provider of workforce management software. It’s a sector where we expect to see further transactions.”