Deals

Timesheet company Replicon raises $20M after 17 years without outside funding

punch clock
Image Credit: tj.blackwelll/Flickr

Replicon has raised $20 million in funding, taking outside capital for time first time in its 17 year history.

Replicon provides cloud-based timesheet software. It offers solutions for tracking business time and expenses. The platform has tools to manage project time and cost, client billing, attendance, time-off, and expenses, as well as a cloud-connected punch clock device, to keep businesses organized and their operations transparent,

It was founded in 1996 by a husband-and-wife team and is now used by 7,800 organizations around the world and serves 1.5 million people around the world. Clients include international corporations like HP, FedEx, Xerox, and General Mills, as well as smaller organizations.

Over the past few years, demand for cloud-based enterprise tools has soared and businesses of all sizes are traded their inefficient, paper-based time/cost tracking systems for software solutions. Replicon experienced strong growth and expects that it will grow by 60 to 80 percent by 2015. Founders Raj Narayanaswamy and Lakshmi Raj decided to raise venture capital to meet this demand and scale accordingly.

Emergence Capital Partners and The Social + Capital Partnership led this round. Chamath Palihapitiya of S+C said in a statement that this financing will also support product development, as Replicon explores new partnerships and integrations with outside products and services.

“With this growing interdependence, there needs to be a common platform that can help companies deal with increasingly complex business needs and labor practices,” he said “Replicon is poised to become this platform for the future.”

Timetracking may not be sexy, but it is important, and something that every business deals with in one form or another. Replicon has offices in San Mateo, Calgary, Bangalore, and Toronto.