Hubstaff Receives Strategic Investment from WestView Capital Partners to Expand Remote Productivity and Employee Experience Platform
Lightning Partners advises leading workforce management SaaS platform provider
BOSTON -- Hubstaff, an industry-leading workforce management Software-as-a-Service (SaaS) platform, announced today that it has received a growth investment from WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle-market growth companies.
Founded in 2012 by Jared Brown and Dave Nevogt, Hubstaff is a workforce management platform that enables businesses to better understand, manage, and optimize how their employees and contractors work. Today, Hubstaff enables employers to track employee time, understand work behaviors, and discover insights into workforce productivity to drive a positive employee experience.
"Hubstaff is poised to be a category leader in the emerging space of workforce analytics and to do so in a way that respects employee privacy. People can easily see the benefits of remote work in their lives and we are enabling companies to validate that with robust data," says Jared Brown.
"We are excited to partner with WestView and leverage their deep experience as software and human capital technology investors to support us in the next phase of our company's journey," said Jared Brown, Co-Founder and CEO of Hubstaff. "WestView's investment marks the beginning of an exciting next chapter for Hubstaff. With the support and experience of WestView, we are poised to accelerate our growth and to continue executing on market tailwinds and the significant opportunities we have ahead of us. WestView's collaborative partnership approach aligns well with our philosophies at Hubstaff and we are confident we have found the ideal partners for this next phase in our growth."
"Our investment in Hubstaff reflects WestView's commitment to partnering with software and technology companies led by talented and passionate entrepreneurs. Jared and Dave have built an impressive business and culture and we are thrilled to have the opportunity to partner with them. The alignment of our strategic vision with their commitment to innovation and growth solidifies our confidence in this partnership." said Matt Carroll, Managing Partner at WestView, who will join Hubstaff's Board of Directors.
"There is a significant and growing need within enterprises to understand how their distributed workforces are performing and Hubstaff is at the forefront of providing these insights to both employers and employees. Importantly, Jared and his team have focused on building a product that enables employers to enhance their employees' experience," added Kevin Twomey, Principal at WestView who will also join the Hubstaff board.
"Hubstaff is poised to be a category leader in the emerging space of workforce analytics and to do so in a way that respects employee privacy. People can easily see the benefits of remote work in their lives and we are enabling companies to validate that with robust data," says Brown.
WestView was represented by Latham & Watkins LLP with debt financing provided by Abacus Finance. Hubstaff was represented by Lightning Partners and Morris, Manning & Martin, LLP.
Hubstaff, a workforce management SaaS platform, was founded in 2012. Hubstaff's platform powers time and activity tracking, shift/schedule management, invoicing, and payments. The workforce analytics suite enables businesses to optimize their distributed workforces while providing employees and contractors the visibility needed to have their most productive days. More than 95,000 diverse and global organizations use Hubstaff to support remote, hybrid, and distributed workforces. Hubstaff provides these customers with the tools they need to effectively manage the unique challenges associated with workforces spread across many geographies and time zones. Learn more at http://hubstaff.com/.
About WestView Capital Partners
WestView Capital Partners, a Boston-based growth equity firm, is focused on middle-market growth companies and manages $2.7 billion in capital across five funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth capital, and consolidation transactions in several sectors, including: software, business services, IT services, healthcare technology and outsourcing, and growth industrial. WestView targets investments of $20 to $100 million in companies with revenue of at least $10 million and operating profits between $3 and $25 million. For more information, please visit www.wvcapital.com.
About Lightning Partners
Lightning Partners provides objective, high-impact strategic advice on M&A and capital raising to select growth-oriented technology companies. Our years of operating, investing, and transaction experience, combined with our industry knowledge, unrivaled tenacity, and hands-on, highly custom approach, consistently delivers top tier results for our clients. For more information, visit www.lightningpartners.com.