Calgary-founded startup Replicon, which offers employee time-tracking software, has been acquired by Deltek as the latter expands its suite of software solutions for project-based businesses.
The acquisition was first announced in May this year, and has closed in recent weeks. Financial terms of the deal were not disclosed.
Headquartered in Calgary, Replicon has offices in Toronto, the United Kingdom, the United States, India, and Australia.
Founded in 1996 by husband-and-wife duo Raj Narayanaswamy and Lakshmi Raj, Replicon offers a suite of time-management and attendance solutions for employees.
Replicon experienced a continued period of growth since then, opening several offices across the world over the years. In addition to its head office in Calgary, Replicon has also opened locations in Toronto, United Kingdom, United States, and Australia. Additionally, it has an office in Bangalore, India.
After 17 years of bootstrapping, Replicon raised its first external funding round in 2013, when it closed a $20-million Series A round led by The Social + Capital Partnership (now Social Capital) and Emergence Capital Partners.
As Replicon maintained operations in Calgary, it became a founding member of the Tech West Collective in 2019. The association includes Alberta-based tech companies mandated to draw in more entrepreneurial talent to the province.
According to Deltek, acquiring Replicon represents one of the largest deals in the company’s history, and will complement its offerings for project time-tracking, knowledge workforce management, and professional services automation. Deltek noted it will continue to enhance its native time applications within its enterprise resource planning tool, which it said will not be replaced by Replicon.
Similar to Replicon, Deltek was also started by a family. It was founded in 1983 by father-and-son team Don and Ken deLaski, who wanted to develop innovative accounting software exclusively for government contractors.
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Deltek has expanded its offerings since then, adding to its suite of solutions to serve more kinds of project-based businesses. These include, for example, contractors and professional-services firms.
Deltek was sold to Roper Technologies in 2016 for $2.8 billion USD. Deltek was previously owned by the private-equity firm Thoma Bravo, which bought the company for $1.1 billion in 2012. That deal took Deltek private. It was formerly listed on the Nasdaq.
Deltek has been active in its acquisition strategy for the last decade, focusing on other companies that offer enterprise software. In the past, it has purchased TIP Technologies, Welcom, and Maconomy, among others.
Featured image courtesy Replicon’s Glassdoor profile.