Ascentis Raises $7 Million in Series C Round Led by Catalyst Investors
San Mateo, Calif. – Jan. 21, 2015
– Ascentis Corporation, a market leader in easy-to-use human resources software, online payroll services, and human capital management (HCM) solutions, announced today that the company secured $7 million in additional funding. The Series C round was led by existing investor Catalyst Investors, a technology-focused growth equity firm, and funded entirely by internal shareholders of Ascentis. Ascentis’ software-as-a-service technology increases productivity by automating HR and payroll processes, reducing costs, and providing meaningful insights into organizational trends.
We have been extremely pleased with Ascentis’ performance and the results that CEO DJ Chhabra and his team have achieved so far,” said Tyler Newton, partner at Catalyst Investors. “Ascentis’ executive leadership and product vision were the key contributors to our decision to originally invest in Ascentis. With the success the business has achieved in all phases, we want to ensure that Ascentis is well-capitalized to achieve its goals of growing the business and delivering a differentiated product suite to the marketplace.”
“Catalyst Investors has been an excellent partner to Ascentis,” said Jason Woody, managing director at Palm Ventures. “We appreciate their continued support of the company and value-added approach. With the expanded product suite of talent management solutions, Ascentis is well positioned for accelerated growth.”
The new capital comes after another year of record growth for the San Mateo, Calif.-based HCM software company. A highly competitive and fast-moving HCM industry dictates the continuous development of new and innovative solutions that drive differentiation and disruption in the marketplace. To maintain high-growth objectives, Ascentis is committed to the necessary resources required and will invest the capital in development of next generation HCM products, as well as expanding its U.S. presence and penetration through various go-to-market strategies, both directly and through key business partnerships.
“We’ve made tremendous strides in consistently exceeding our goals at Ascentis. This success can be directly attributed to the many talented, dedicated and passionate employees and to the support of the Ascentis board and our investors,” said DJ Chhabra, CEO of Ascentis. “With this additional capital, we’re very excited to accelerate the delivery of our new products to market to meet the evolving needs of our current and future clients.”
Ascentis Corporation, funded by Catalyst Investors and Palm Ventures, offers easy-to-use human capital management, HRIS, online payroll, talent management, recruiting and time and attendance solutions that support greater business efficiency and accuracy. Ascentis automates critical HR and payroll processes such as full-scale benefits management, compliance, online open enrollment, time and attendance, real-time payroll processing, tax filing, applicant tracking, employee and manager self-service and reporting. Ascentis’ talent management solutions include learning management, performance management, succession planning, 360° assessment and compensation management. One point of data entry means employee information is accurate, up-to-date and reportable. Electronic submission of information to insurance carriers eliminates errors and supports a paperless open enrollment process.
About Catalyst Investors
New York-based Catalyst Investors is a growth equity firm focused on technology-enabled services including cloud computing, wireless infrastructure and digital media. Catalyst was founded in 2000 and is investing its third fund. A proactive investor, the firm draws on its extensive industry expertise to work in true partnership with management to build long-term value. Past and present Catalyst portfolio companies include Aloha Partners; InSite Wireless Group; Latisys; MessageLabs; MediaMath; MINDBODY; Nine Systems; Videology; WeddingWire; and Xplornet. For more information, visit www.catalystinvestors.com.
About Palm Ventures
Palm Ventures, based in Greenwich, CT, is a family investment company and is focused on investing its capital and that of a small group of substantial investors in companies which have a positive and transformative impact on society and generate predictable revenue streams in fragmented industries. Palm Ventures takes a strong value-added approach to the development of its portfolio companies, leveraging a broad network of strategic investors, retired executives and operating professionals who provide strategic advice and oversight to companies and management. For more information, visit www.palmventures.com.