|
||
|
Venture capital firms and funds in Europe 128 Venture Capital Group 3i Venture Capital Accuitive Medical Acer Venture Capital Act Venture Capital Ltd Adelaide Venture Capital Email ADS Ventures Boston Advantages Of Venture Capital Advent Venture Capital Agio Capital Alabama Venture Capital Alaska Venture Capital All Stages Venture Capital American Venture Capital Analysis Venture Capital Analyze Venture Capital Angel Capital Appraisal Venture Capital Arch Venture Capital Argentina Venture Capital Arizona Venture Capital Arkansas Venture Capital Arrowpath Venture Capital Assess Venture Capital Assessment Venture Capital Atlas Venture Capital ATV Venture Capital Aurora Fund Australia Venture Capital Austria Venture Capital Automotive Venture Capital AZ Venture Capital VCgate More Venture Capital Terms and Topics
-
Workstream Announces $20 Million Financing
August 1st, 2007 No comments
Workstream Inc.,a leading provider of on-demand compensation, performance and talent management solutions, recently announced it has entered a definitive agreement pursuant to which it will raise $20 million in new capital led by Magnetar Capital, along with several new and existing investors.
In connection with the financing, Workstream will issue warrants convertible into 16,000,000 common shares at a conversion price of $1.25 per share. The warrants also include 25% coverage in the form of additional warrants exercisable for 4,000,000 common shares at an exercise price of $1.40 per share. The warrants must be exercised within 5 years from the closing date of the financing. Proceeds from the financing will be used to repay existing indebtedness and payables and for working capital and growth capital purposes, including accelerating sales and marketing efforts and expanding its technological foundation. The transaction is expected to close within 10 days, subject to satisfaction certain agreed upon closing conditions.
Workstream has put in place a winning management team that is committed to creating value for shareholders and focused on delivering scalable solutions to clients. Along with other long-time, existing Workstream investors we were pleased to make an additional investment, said Mike Balkin, small cap growth portfolio manager and partner at Magnetar Capital. Over the coming weeks and months Workstream appears to be well positioned to win significant enterprise and mid-market accounts, building on its leadership in pay-for-performance solutions as well as other human capital applications and services.
The success of this round of financing is a strong confirmation of the market potential of our integrated suite of talent management applications and our business plan to reach the goal of becoming the industry leading on-demand solution , said Deepak Gupta, president and CEO of Workstream. We are pleased to have our current investors continue to invest and their confidence validates our view that Workstream is well poised to take the lead in the On Demand Talent Management market space that leading industry analyst firms like Yankee Group and Forrester Research expect to grow beyond $3 billion by 2010.
Workstream provides on-demand compensation performance and talent management solutions and services that help companies manage the entire employee lifecycle – from recruitment to retirement. Workstream’s TalentCenter provides a unified view of all Workstream products and services including Recruitment, Performance, Compensation, Development and Transition. Access to TalentCenter is offered on a monthly subscription basis under an on-demand software delivery model to help companies build high performing workforces, while controlling costs. With offices across North America, Workstream services customers including Chevron, The Gap, Home Depot, Kaiser Permanente, Motorola, Nordstrom, VISA and Wells Fargo.
For more information, please visit www.workstreaminc.com
Leave a reply
Latest Headlines:
Friday August 31, 2012
Zscaler Secures $38 Million Investment Round
Wednesday November 30, 2011
Health Care Solutions companies Infinity Pharmaceutics, NanoVobronix and Selventa raise funds.
Monday November 21, 2011
Panda Power opens $420 Million Fund for Solar and Natural Gas Projects
Thursday November 17, 2011
Better Place raises $200 Million for Electric Cars in the Series C of Funding
Wednesday November 16, 2011
Accel Partners raise $100 Million Big Data Fund to Invest in Hadoop, NoSQL and other Companies
Tuesday November 15, 2011
Skimlinks raises $4.5 Million to help Bloggers Increase their Gains
Monday November 14, 2011
Standing Cloud raises $3 Million to help New Cloud Providers grow Faster
Thursday November 10, 2011
Zillow acquires Diverse Solutions for $7.8 to help Real Estate Agents increase their Visibility