Kronos has announced its financial results, company advancements, and customer successes for 2018. The company’s revenue for the year stood at $1.4 billion, which is a record revenue in the company’s 41 years of operation. The earnings before interest, tax, depreciation, and amortization (EBITDA) were $383 million.
The old customers, as well as many new customers chose to use Workforce Dimensions, Kronos’ ground-breaking workforce management solution, which resulted in an overall subscription revenue growth of 30%. Workforce Dimensions is the fastest-growing division of Kronos.
Workforce Dimensions subscriptions in the fourth quarter alone doubled the combined customer orders in the first three quarters of the year. Three out of every four Workforce Dimensions deals came from existing Kronos customers.
A significant number of million dollar plus deals for the Workforce Dimensions platform included one of the largest cancer treatment and research centers in the world, the world’s largest commercial bakery manufacturer, a Canadian healthcare system with 40,000+ employees, a U.S. grocery store operator with 200+ stores and 15,000 employees and many more organizations which are major players in their industries.
The subscription bookings for Kronos’ HCM business increased by 37% as compared to last year. The company also saw a record-breaking year for new customers choosing Workforce Ready, while the HCM cloud solution continues to scale to meet the needs of larger organizations, with average employee size for new deals increasing by 21%.
In the last quarter of 2018, the company signed several new clients including 7-Eleven Stores, Accolade Wines, Anderson Hospital, Advanced Plastics Ltd., Belmont Village, Federated Co-operatives Limited (FCL), Grupo Comercial Control, Hamilton Health Care System, Hong Kong Civil Aviation Department, Hy-Vee, Lakeland and many more.
“Kronos just closed the best quarter in the best year of the company’s 41-year history. Kronites worldwide should be extremely proud,” said Aron Ain, Kronos’ Chief Executive Officer. “Our internal revolutionary start-up tasked years ago with ‘putting ourselves out of business’ has completely changed the face of workforce management with Workforce Dimensions. Market adoption of Workforce Dimensions far exceeded even our most optimistic expectations in less than a year of availability. Simultaneously, investments in and success of our fast-growing HCM, HR, and payroll offerings opened the door to new customer opportunities where Kronite vertical expertise is a true differentiator. Our future as a SaaS organization truly has unlimited potential for our employees, our partners, and, of course, our customers around the globe.”