Under terms of the agreement, Kronos has acquired certain assets of FASTECH, a Livonia, Mich.-based privately held provider of time and attendance applications, in a cash purchase transaction. On July 25, 2003, FASTECH filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court. On Nov. 18, 2003, the court ordered the granting of FASTECH's motion to sell certain assets, including its customer base, to Kronos.
"We continue to see consolidation across our market space as small vendors struggle with the realities of an ever-changing technology landscape and the challenges of supporting complex enterprise accounts," said Mark S. Ain, Kronos chief executive officer. "We are delighted to welcome FASTECH customers into the Kronos family, and pleased that they are now in a position to receive the support they need to optimally manage their time and labor solution."
FASTECH has developed a loyal customer following that spans a broad range of industries including financial services, government, retail, and manufacturing. The FASTECH-branded product line of time and attendance reporting applications includes STARBase and STARWeb. In conjunction with the asset acquisition, Kronos will hire certain key FASTECH employees who will continue to provide service and support for FASTECH solutions. These employees will form the nucleus of the newly created Kronos FASTECH Group based in the Detroit area.
"The true value for FASTECH customers is predicated on the vast domain expertise and stability that Kronos shares with its customer community," said Steve Rupe, president of FASTECH. "Kronos offers the resources and technology leadership our customers need for the future."
For more information on Kronos solutions, call (800) 225-1561 or visit www.kronos.com.
About Kronos Incorporated
Kronos Incorporated is a single-source provider of human resources, payroll, scheduling, and time and labor solutions. Kronos' best-in-class Employee Relationship Management solution enables organizations to reduce costs and increase productivity, put real-time information in the hands of decision makers, align employee performance with organizational objectives, and improve employee satisfaction. More than 40,000 organizations trust Kronos to solve their employee-centric business challenges. Learn more at www.kronos.com.
(C) 2003 Kronos Incorporated. Kronos and the Kronos logo are registered trademarks of Kronos Incorporated or a related company. All other product and company names mentioned are used for identification purposes only and may be trademarks of their respective owners.