Workscape Scores $45M
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Workscape, the leading provider of technology for Human Capital Management (HCM), has secured $45 million in additional funding commitments from automotive giant DaimlerChrysler Corporation (NYSE: DCX) and Internet powerhouses America Online (NYSE: AOL) and Sun Microsystems (Nasdaq: SUNW), as well as leading venture capital firms E.M. Warburg, Pincus; ABS Capital Partners; Coleman, Swenson, Hoffman, Booth; and HLM Management Company.
The private financing follows the recent launch of Workscape's Employee.com, an open technology platform for HCM that combines an employee portal with HR self-service and workforce management applications, productivity tools and an HR marketplace.
Through Employee.com, employees of large companies can update their benefits, get company news and information, collaborate with one another on company or community projects, make purchases and enjoy entertainment options from work or home. DaimlerChrysler Corporation and General Motors will be the first users of the Employee.com technology.
"The sizeable financial commitments made by our initial client, technology partners and leading investment firms reflect their collective belief that large companies will quickly embrace Employee.com," Jim Carlson, chairman and co-CEO, Workscape, said. "They want to be involved with Workscape because we have the domain expertise to not only build on our market share leadership, but also to invent a new industry in the process."
Employee.com combines access to Workscape's suite of HR self service, workforce management and workplace e-commerce applications with content from HR and benefits merchants and collaboration and productivity tools from AOL and iPlanet.
The new financing round is in addition to $10 million raised earlier this year and brings the company's total funding to date above the $100 million mark. Workscape will use the proceeds to grow its market position, fund further development of products and services like Employee.com and recruit additional vendors and partners.