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Infinisource Acquires Leading Human Capital Management Technology Firm Qqest
Company Becomes Largest Single-Source Provider of Workforce Tools for Small and Medium Employers
By: PR Newswire
Dec. 18, 2012 01:00 PM
CHARLOTTE, N.C., Dec. 18, 2012 /PRNewswire/ -- Infinisource, a leading provider of human capital management technology, announced today it has acquired Qqest, the company behind popular time-and-attendance software TimeForce®. The new company is now the largest provider of human capital management solutions designed for small to medium-size employers.
The acquisition of Qqest doubles the size of Infinisource and results in a company with more than 63,000 customers, including the World Champion San Francisco Giants, Washington Redskins, Nintendo USA and several of the Inc. 500 fastest growing companies in the country. The combined company will retain the Infinisource name and will focus on deepening existing relationships by delivering a single application for HR, Payroll, Benefits, Time Management and Compliance.
The acquisition comes on the heels of several strategic growth initiatives for Infinisource. In addition to establishing its headquarters in Charlotte, N.C., earlier this year and announcing plans to hire more than 160 employees there, the company launched Infinisolved HCM®, a proven cloud-based SaaS technology that delivers everything employers need through one platform of human capital management tools – accessible from one login, anywhere and anytime.
"This is a huge win for Infinisource, Qqest and our combined 63,000 customers. With the addition of Qqest, we now own and control a single solution for all 'must have' employer services – HR, Payroll, Time Management and Benefits," said Gary Trainor, CEO of Infinisource. "Together, we are well-positioned to become the industry's most trusted provider of workforce management tools for small to medium-sized employers, who traditionally have been underserved."
The company's management team is comprised of individuals from both Infinisource and Qqest. Former Qqest CEO and President Burke Plummer will stay on as an advisor during the integration.
"The Infinisource deal will strongly reinforce the existing presence of both companies, with our TimeForce® software continuing as a great complement to Infinisource's HCM product or as a stand-alone option," said Plummer. "Beyond the great technology combination, it will provide more resources to grow our business and meet our clients' needs."
The company will maintain headquarters in Charlotte, and will continue to operate divisions in Coldwater, Mich. and Sandy, Utah.
Midspan Advisors served as exclusive advisors to Qqest in connection with this transaction.
About Infinisource Inc.
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