Private equity firm Providence Strategic Growth has acquired a majority stake of ExakTime Inc., an employee attendance tracking software maker for the construction industry.
Terms of the deal between ExakTime in Calabasas and Providence Strategic in Providence, R.I., were not disclosed.
Providence Managing Director Gopi Vaddi said the San Fernando Valley area company has consistently maintained leadership in time and attendance management for more than 20 years.
"There is no better testament to their deep commitment to customer-centric product innovation, and to the human capital software marketplace,” Vaddi said in a statement.
Providence is putting ExakTime under the umbrella of Arcoro Inc., a provider of human capital management software and services.
“This will strengthen ExakTime's stance in the market and ability to expand our offerings while also providing our customers with the best range of tools for all their human capital management needs,” said ExakTime Chief Executive John O’Hara in a statement.