October 05, 2015
Series A Funding Follows Two Years of 100% Year-Over-Year Growth
BOISE, IDAHO — TSheets, a leading cloud-based time tracking technology company, announced today that it has raised $15 million in Series A funding from global growth equity investor Summit Partners. The funding will allow TSheets to scale more rapidly to meet growing demand, both domestic and international.
Founded in 2006, TSheets is set to track employee time for over $8 billion in payroll in the next 12 months, and is currently growing by 100 percent year-over-year. Now with over 80 employees headquartered in Eagle, Idaho, and a satellite office in Sydney, Australia, TSheets is gaining worldwide traction with customers in over 100 countries. As seen in over 1,400 five-star reviews on Intuit’s apps.com, TSheets is a favorite for features like real-time mobile entry, exceptional customer support and easy-sync integrations with accounting, payroll and other business software.
“We don’t follow the pack. We strategically waited to raise substantial Series A funding to first establish ourselves as a fast-growing, scalable, profitable company,” said Matt Rissell, founder and CEO of TSheets. “And that’s exactly what we’ve done. We’ve developed and honed a disruptive product that is not only revolutionizing the way businesses track employee time, but is backed by customer experience and support that is transforming the SaaS industry. It’s these qualities that attracted Summit Partners to us.”
Greg Goldfarb, Managing Director at Summit Partners, added, “Since entering the market in 2006, TSheets has changed the way businesses track time in a very literal way — replacing paper timesheets with the ease and accuracy of mobile time tracking software. We’ve been consistently impressed by the innovation and ingenuity TSheets has shown and continues to demonstrate.”
Summit Partners is well acquainted with the Boise tech sector, having previously invested in Clearwater Analytics, ProClarity (which was later sold to Microsoft), and Extended Systems. Over more than 30 years, Summit has backed numerous technology companies including SaaS-pioneer RightNow, Gainsight, Solutionreach, Uber and WebEx.
Goldfarb continued. "As a growth equity firm that seeks to collaborate with innovative tech companies, we see TSheets as an ideal partner. Matt and his team have a demonstrated record of success, impressive growth and proven profitability. We’re pleased to work with TSheets to help them continue to grow, develop new functionality and reach a wider, global audience."
This is the first major funding push from TSheets after raising a modest amount of initial startup capital from strategic angel investors in 2008. Since then, by partnering with other best-of-breed tech companies like Intuit and Square, and by using Lean Startup principles, TSheets achieved profitability without needing additional investment capital.
The funding from Summit will allow TSheets to scale the number of developers, the product, new partnerships, and global expansion - quickly. With an influx of funding, the company intends to meet growing international demand, explore and reach new markets and develop new features— many of which are requests from customers.
“I believe raising capital is about people, not about money, which aligns exactly with Summit Partners’ philosophy,” Rissell remarked. “Together, we are excited to use this round of funding to scale TSheets, to transform the mobile workforce and to become the global, ubiquitous time tracking application that every payroll, accounting and human resource platform is connected to.”
TSheets is quickly making paper timesheets obsolete. With go-anywhere, cloud-based time tracking technology, TSheets gives employees and employers (plus their accountants and payroll managers) in 100+ countries mobile, flexible tools to track what happens at the office and in the field. TSheets is rapidly gaining international recognition for easy-to-love time card options, exceptional customer support, and integrations with best-of-breed accounting, payroll and business software. Named “Idaho Innovative Company of the Year“ and “Best Place to Work in Idaho,” TSheets and CEO Matt Rissell have been featured in Forbes, Fast Company, AMEX Open Forum, The Wall Street Journal, Washington Post, Inc. and other leading publications.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that is currently investing more than $6.5 billion into equity and fixed income opportunities. Summit has invested in more than 400 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit Partners include Avast, Belkin, Clearwater Analytics, Flow Traders, Hyperion Solutions, Infor, McAfee, NetWitness, Postini, RiskIQ, SafeBoot, Sybari Software, Uber and WebEx. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This website is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.