Human capital management company OnShift has received a strategic investment from Clearlake Capital Group.
Other contributions came from private equity firm Ziegler Link•Age Fund II and existing backer Health Velocity Capital. The value of the investment was not disclosed.
The company provides a cloud-based human capital management software to help workers improve their healthcare. Its tools include scheduling, labour analytics, workforce planning, employee financial wellness, employee engagement, payroll reporting, applicant tracking and recruitment management.
Its financial wellness tools help employees access earned wages between pay checks to help them better manage their expenses. Employees can access up to 50 per cent of current earnings, with a maximum withdrawal set at $500 and a $5 transaction fee.
Employees receive an OnShift wallet which lets them to access this cash but also use it to complete online bill payments.
Capital from the round will be used to boost its product development in the recruitment, workforce and talent management as well as increasing its sales and marketing plans.
OnShift CEO Mark Woodka said, “Clearlake is a highly regarded investment firm with significant expertise in software, and this strategic investment will provide OnShift with the support and resources to accelerate our growth strategy through product innovation, market expansion and industry leadership.”
Alongside the investment, Clearlake Capital principal Dan Groen and vice president Paul Huber of Clearlake shall join the OnShift board of directors.
Earlier in the year, Clearlake acquired enterprise scale software solution provider Perforce Software for an undisclosed amount.
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