Wednesday, January 7, 2009

Kronos cuts 100 jobs in Chelmsford

By Mass High Tech staff

Kronos Inc., a developer of workforce software suites for human resource managers, has laid off 8 percent of its staff, about 250 people worldwide, including about 100 workers at its Chelmsford location, a spokesperson for Kronos confirmed. The company has a global workforce of 3,300 people.

According to the company, Kronos' realignment of its workforce was due to "current economic conditions and the outlook for 2009."

Founded in 1977, Kronos was considered last year to be the No. 3 revenue generator in HR software globally. Last March, the company was taken private for $1.8 billion by Hellman & Friedman Capital Partners VI LP. As part of the deal, Kronos shareholders received $55 per share in cash for each share of Kronos common stock held -- a 34 percent premium over its closing share price from its trading price 20 days prior to the acquisition announcement. The deal earned the top recapitalization/financing deal in the 2007 Dealmaker Awards, presented by Mass High Tech and the Association for Corporate Growth Boston.

Last year, Kronos CEO Aron Ain said the company has set its sights on becoming the first $1 billion software firm exclusively focused on managing the work force.