A Yorkshire-based software provider has secured an acquisition that will increase its market share in the US.
Mitrefinch, which provides time and attendance, HR, payroll and access control software, has bought US-based Advance Systems America for an undisclosed sum.
Advance Systems America has been a partner of Mitrefinch for eight years, selling its time and attendance systems to US-based businesses.
York-headquartered Mitrefinch, which employs 160 people in the UK and a further 90 worldwide, has operations in the UK, US, Australia and Canada serving more than 4,000 clients, including L’Oréal, Nestlé and Yearsley Group.
A spokesman said: “With the acquisition, the business intends to leverage Advance Systems America’s expertise, talent, experience and knowledge to become a major player in the US market.”
Gary Corcoran will become the chief executive of Mitrefinch Inc, having previously held the same position at Advance Systems America.
Mr Corcoran said: “We’ve been flying the flag for Mitrefinch’s technology for years now and know the products and the market inside out, so it’s hugely exciting to now be joining the global brand and helping to take the business to the next level.
“Mitrefinch has been at the forefront of workforce management solutions since the 1980s, building up a reputation for truly unrivalled software, and it’s great to be an official part of that now.
“By combining our companies, we can deliver an efficient and highly competitive offering for our customers.
“We’ll also have access to greater market knowledge, a fabulous customer base and the strength and scale of the Mitrefinch brand.”
Matthew Jenkins, the chief executive of Mitrefinch, said: “We’re delighted to have completed our formal acquisition of Advanced Systems America, which represents a big opportunity for Mitrefinch and is the latest major milestone in our company wide transformation to embrace the global market.
“Advance Systems America has consistently delivered exceptional customer services to over 150 customers within the US. They have a deep understanding of the US market and a well-established team that we’ve worked closely with for quite some time.
“This acquisition aligns with our product roadmap and global ambitions to deliver an efficient and highly competitive offering for our customers. I am excited about the future of Mitrefinch Inc.”
In late 2016, Mitrefinch revealed it had received a large-scale private equity investment of more than £20m.
The developers of human capital management software secured an equity investment from LDC in October 2016.
Mitrefinch said it planned to commit significant investment to new product development to continue expanding and improving its suite of products.
Mitrefinch has enjoyed rapid expansion in recent years as demand for its services grows.
Earlier this month, the York-based firm revealed that it was opening an office in Nottingham . The company said it was recruiting 100 developers as well as sales, service and support personnel for its new base in Nottingham One.
The firm developed the world’s first electronic employee time and attendance system in 1979 and has continued to design innovative, user-friendly and intelligent products that help organisations get the most from their workforce.