CHELMSFORD, Mass.—Kronos, Inc. has acquired Financial Management Solutions Inc. (FMSI), a leading provider of workforce management and analytics applications for the credit union and retail banking industry.
FMSI was founded in 1990 in Alpharetta, Ga. and offers technology solutions that help drive productivity, sales, and service performance in branches for credit unions and retail banks. FMSI’s flagship product line, Omnix, is an integrated Software as-a-Service (SaaS) suite of applications including staff scheduling, performance analytics, lobby tracking, and appointment scheduling, the company said.
“This acquisition deepens Kronos’ expertise within the financial services industry, specifically the credit union and retail banking segment, complementing Kronos’ human capital management (HCM) strength with unique functionality for optimizing branch operations,” Kronos said in a statement. “FMSI solutions are currently used by more than 100 organizations, and FMSI will benefit from Kronos’ extensive resources and HCM domain expertise, helping accelerate the pace of product innovation and drive greater demand.”
Kronos said that acquiring FMSI supports its SaaS expansion strategy, which remains the fastest-growing aspect of the company’s business.
Kronos said it will continue to support the acquired customers through a dedicated team of FMSI employees, and FMSI customers will have access to a comprehensive and complementary array of Kronos HCM and workforce management solutions.
“Kronos’ acquisition of FMSI demonstrates our commitment to helping financial services organizations, especially credit unions and retail banks, more effectively manage their most valuable asset - the workforce,” said Bob Hughes, chief strategy officer, with Kronos. “Kronos believes that great businesses are powered by great people, and employee engagement is critical for success. Together with Kronos human capital management offerings, FMSI solutions can help create a work environment for our customers in which employees feel valued and treated equitably.”
Separately, W. Michael Scott, chairman/chief executive officer with FMSI, added, “FMSI’s acquisition by Kronos launches a new chapter for FMSI employees and customers. To be part of a leading, global organization such as Kronos means we can now take even greater strides in innovation. Also, Kronos’ employee and customer centric approach is unparalleled in the industry and we are excited to gain from the associated knowledge and benefits.”
For info: www.kronos.com.