Investment Demonstrates Confidence in ECI and Broader Human Capital Management Market
ELKHART, Ind.–(BUSINESS WIRE)–Electronic Commerce, Inc. (ECI), a cloud-based, fully unified human capital management (HCM) platform for the entire employee lifecycle, today announced it has secured a $40 million majority growth investment from Frontier Capital. The investment will support ECI in enhancing its platform, providing resources to accelerate customer on-boarding and implementation, expanding sales and marketing efforts, and possible acquisitions to add new features to the platform to further meet the needs of its clients.
“Over the last few years, we’ve watched the HCM/HR tech market and ECI specifically show impressive growth”
Empower, ECI’s software-as-a-service platform, is a fully featured end-to-end solution designed to accommodate the HCM requirements of mid-size organizations. Featuring a unique single source cloud-based delivery platform, Empower offers a secure, unified database and world-class capabilities to cover the entire employee lifecycle from pre-hire to retire. ECI enjoys a 97 percent client retention rate across a strong base of middle market customers in numerous verticals, including manufacturing, non-profits, financial services, healthcare and retail.
“Mid-size companies are realizing the benefits of anytime, anywhere access to HR data and technologies via the cloud to manage and streamline the employee lifecycle, with significant boosts to productivity and cost savings over manual and paper processes,” said Jeff Lacy, president and CEO, ECI. “After getting to know the Frontier team, and seeing their success in the HR tech industry, we have no doubt that our partnership will help us better meet the increasing demand we’re experiencing.”
Frontier Capital is a growth equity firm focused exclusively on partnering with established software and technology-enabled business services companies, and has developed deep domain expertise within the HCM software and services sector. In addition to ECI, Frontier is currently invested in four other HCM-focused companies – WilsonHCG, talentReef, Celergo and eVerifile.
“Over the last few years, we’ve watched the HCM/HR tech market and ECI specifically show impressive growth,” said Richard Maclean, managing partner, Frontier. “The continued strong demand for ECI’s platform, along with our solid relationship with the ECI management team, makes us confident that the capital and strategic expertise we’re providing will enable the company to grow at a pace necessary to meet demand.”
In March, Frontier Capital announced the close of $390 million Fund IV, L.P. Frontier investments are used to fund both organic and acquisition-related growth initiatives and to provide meaningful shareholder liquidity.
To learn more about HRchitect and how we can help your organization and your Human Capital Management (HCM) technology needs, please visit www.HRchitect.com. As the leader in HCM Systems strategic consulting, we offer end-to-end HR technology consulting services focused around strategic planning, evaluation and selection, change management, implementation, project management and ongoing support of HCM systems of all types including Talent Acquisition, Talent Management, Learning Management, Workforce Management, Benefits, Core HR/Payroll, and more. After more than 18 years in business working on over 2100 successful engagements for more than 1000 clients of all sizes and industries across the globe, our experience is vast. We have expertise around all major HCM systems including IBM Kenexa, Oracle, Taleo, WorkForce Software, Ultimate Software, Saba, Benefitfocus, SumTotal Systems, SAP, SuccessFactors, Lumesse, PeopleFluent, Cornerstone OnDemand, Infor, and more. HRchitect is a name you can trust for all of your organization’s HCM technology-related consulting needs.
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