Calgary-based FinTech startup Wagepoint has acquired KinHR, an employee management platform provider. The financial terms of the deal were not disclosed.
Wagepoint kicked off its acquisition strategy after it secured $10 million in primary capital from Providence Strategic Growth, which took a majority stake.
According to Wagepoint, KinHR will be rebranded to People by Wagepoint. The platform is set to offer features such as an employee directory, time-off management, new hire onboarding, document storage and electronic signatures, as well as ongoing employee performance management tools like employee objectives and reviews.
Founded in 2012 by CEO Craig Bryant, KinHR offers a people management software and claims around 4,500 global users. Based in Chicago, the company currently has around 17 employees, according to its LinkedIn page.
KinHR represents the second business to be acquired by Wagepoint since the latter launched in 2012. Earlier this year, Wagepoint purchased Massacuhusetts-based Timesheet Mobile, which also operates in the workforce management space.
Wagepoint kicked off its acquisition strategy after it secured $10 million in primary capital from Providence Strategic Growth, which took a majority stake. At the time, Wagepoint said the capital was earmarked for future acquisitions, as well as investing in product and customer service.
Led by CEO Shrad Rao, Wagepoint provides digital solutions designed to simplify payroll. The company’s platform automates the processes of calculating wages and reporting on taxes. As of January, it claimed a customer base of over 18,000 small businesses, accountants, and bookkeepers across North America.
In 2017, Wagepoint secured $2 million in funding from TIMIA Capital. The company also previously raised $2 million from Extreme Venture Partners, BDC, Atlantic Canada Opportunities Agencies (ACOA), and several angel investors.
Image courtesy Wagepoint.