Kronos Inc. (Chelmsford, Mass.), a provider of human capital management solutions, announced that it has signed a definitive agreement to be acquired by the private equity firm Hellman & Friedman Capital Partners VI, L.P. and its related funds in a transaction valued at approximately $1.8 billion. Under the terms of the agreement, Kronos shareholders will receive $55 in cash for each share of Kronos common stock, representing a 34.4% premium over Kronos' closing share price earlier this month.
Hellman & Friedman LLC is a private equity investment firm with offices in San Francisco, New York and London and is currently investing its sixth fund, which has over $8 billion of committed capital. Investing alongside lead investor Hellman & Friedman will be JMI Equity, a private equity firm focused exclusively on the software and business services industries.
"We are pleased to announce this agreement, which represents the culmination of a thorough review of our standalone plan and strategic alternatives," said Mark S. Ain, executive chairman of the Kronos board of directors. "Our board of directors believes this transaction is in the best interests of our shareholders and affirms Kronos' tremendous value, market-leadership, and the exciting growth opportunities in front of us."