Agilysys Acquires Assets of TimeManagement Corporation
June 12, 2013 1:04pm
Acquisition will add TMx, a leading integrated labor management solution, to the Agilysys portfolio of hospitality technology solutions
ALPHARETTA, GA - June 12, 2013 - Agilysys, Inc. (Nasdaq: AGYS), a leading provider of innovative information technology and hospitality software, services and solutions, has announced that it has acquired the assets of TimeManagement Corporation, a privately-owned Minneapolis-based technology provider with solutions that streamline workforce management environments for hospitality operators. The company funded the acquisition through cash on hand and expects the transaction to be immediately accretive to adjusted operating income. Financial terms of the acquisition were not disclosed.
TimeManagement's TMx labor management solution gives hospitality operators the tools they need to improve the efficiency and productivity of the workforce through precision staff scheduling and management. Solution modules include performance-based scheduling, dynamic labor forecasting, embedded workflows for human resources, employee self-service and multiple time capture solutions. The software seamlessly integrates with numerous POS, PMS, inventory and payroll solutions including the Agilysys InfoGenesis™ POS system and the Agilysys Eatec® inventory and procurement system. TMx minimizes labor expense and helps drive revenue growth through an improved customer experience that motivates repeat customer visits. The solution strategically complements the existing Agilysys product suite by addressing the complex needs of work force management in the hospitality industry.
James Dennedy, president and CEO of Agilysys, commented, "This acquisition provides a new source of revenue for Agilysys with only modest customer overlap while simultaneously offering opportunities to expand the distribution of the TMx solution into our existing installed base of InfoGenesis and Eatec customers. Integrating the TMx human capital management solution with our point-of-sale solution eliminates the need for a separate time clock; it can all be done from InfoGenesis. Equally important, the integration with Eatec offers a comprehensive back-of-house solution that provides hospitality operators improved management of their most expensive inputs to guest service delivery, labor and material."
Mr. Dennedy added, "The hospitality industry recognizes TMx as a preferred workforce management solution. This acquisition reflects the company's strategic emphasis on pursuing opportunities to grow our market share in the hospitality industry by offering a growing suite of market-leading integrated technology solutions that help our customers improve guest recruitment, enhance the guest experience and help capture an increasing share of guest spend."
Barrs Lewis, CEO of TimeManagement Corporation, commented, "TMx will be an excellent complement to Agilysys' leading hospitality industry solutions and services. By joining forces with Agilysys, we will have the ability to significantly increase the market penetration of TMx while also enabling Agilysys to further help customers more efficiently manage and grow their businesses. We look forward to working with Jim and the Agilysys team to continue offering hospitality operators a leading solution that helps them optimize the productivity and profitability of their labor force."
This press release and other publicly available documents, including the documents incorporated herein and therein by reference, contain, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on management's current expectations, intentions or beliefs and are subject to a number of factors, assumptions and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences or that might otherwise impact the business include the risk factors set forth in Item 1A of the company's Annual Report for the fiscal year ended March 31, 2012. Copies are available from the SEC or the Agilysys website. We undertake no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements contained herein whether as a result of new information, future events or otherwise.
labor management technology,
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