Empower powers more than just paychecks. Empower Software specializes in human resources software for payroll, benefits, workforce management, time and attendance, tax compliance, and other HR processing functions. The company also helps clients make the shift to outsourced services and offers tools to help companies focus on HR issues such as policies, talent management, and organizational development. In 2011 Empower Software received about $140 million in funding from private equity firms Lake Capital Partners and Atlanta Capital Partners, giving the investors a controlling stake in the company. CEO Seth Bernstein remains its largest individual shareholder.
The 2011 investment includes cash from an unnamed high-tech company, as well. Empower Software plans to use the funds to pay off debt (including some from a 2009 cash infusion from Atlanta Equity Fund) and finance nationwide expansion. The company's sales were up 70% in 2010 over the prior period, and was reportedly profitable for the year. Empower Software claims its success has come, in spite of a troubled economic environment, because customers can see significant savings.
Customers come from a number of key markets, including the assisted living, banking, health care, hospitality, retail, schools, and staffing industries. Some of its clients include Home Depot, Delta Air Lines, Saint Louis University, and American Furniture Manufacturing. – less