Insider News From the Time and Attendance Industry

Industry News and Developments

Posted on 11-Feb-08 by The Timekeeper

Kronos President to Retire

Kronos President Paul Lacy has announced his intention to retire this year. The company is reportedly conducting a nationwide search for his replacement, and expects to have the transition finalized by mid-year.

Kronos, headquartered in Chelmsford, Massachusetts, is a major player in the workforce management software world. Lacy, who has worked at the company since 1988, guided the company through numerous acquisitions of other companies and products, led the company’s IPO in 1992 and helped take it private again 15 years later in 2007. It will be interesting to see what direction the company takes with his departure.

Meanwhile, Deep in the Heart of Texas

In other developments, Asure Software of Austin, Texas, has received a Nasdaq Staff Deficiency Letter indicating they’re in danger of being delisted. Apparently, the company did not meet the requirement set forth in Nasdaq Marketplace Rule 4450(a)(5) — in English, this means their stock has closed at less than the minimum required $1.00 per share for at least 30 consecutive days. Asure has until August 4, 2008 to correct the situation or risk being dropped from the Nasdaq exchange.

Back in September of last year, I reported on Forgent Networks’ acquisition of iEmployee, which was the birth of Asure Software.

You know, if the company can’t turn their stock price around by August 4, one option is to go private. Then it doesn’t matter what Nasdaq’s regulations say. Hmmm. I understand there’s a guy with experience in taking time-and-attendance software companies private who might have some free time later on this year…