October 5, 2015
BOISE, IDAHO – TSheets, the cloud-based time tracking company headquartered in Eagle, Idaho, announced that it received $15 million in growth equity funding from Summit Partners, a global investor with over 30 years of experience in technology, healthcare and other growth sectors.
Summit Partners previously backed Boise-based Clearwater Analytics, ProClarity (which was later acquired by Microsoft), and Extended Systems. Other notable investments outside the Treasure Valley include Uber, Gainsight, Solutionreach and WebEx.
"We approached TSheets because we focus on partnering with exceptional entrepreneurs and technology concepts with breakout potential," said Greg Goldfarb, Managing Director of Summit Partners. "Both TSheets and the Boise tech scene have proven themselves to be uniquely innovative and focused on growing with a very long-term, patient mindset. We deeply appreciate that combination and are committed to the success of the entrepreneurial ecosystem in the Treasure Valley. It's a special place to build world-class software companies, and TSheets is proving it."
With this capital investment and support from Summit Partners, TSheets projects it will multiply the size of its reach and workforce by several factors. TSheets is on target for its third year of 100 percent year-over-year growth for its mobile, flexible, and online time tracking solution. The company is poised to track employee time for over $8 billion in payroll in the next 12 months in over 100 countries. Now with 80 employees (and hiring) and a newly opened branch office in Sydney, Australia, TSheets estimates it will increase the size of its staff by three times in the near future.
"The growth of our company is helping to keep top talent in our community," said Matt Rissell, the co-founder and CEO of TSheets, who also serves on the executive committee of the Idaho Technology Council. "With our exciting vision and the amazing quality of life in Idaho, we hope to continue to attract great talent. We own our corporate headquarters in Eagle and are here for the long haul. Those graduating in technology from BSU or locals with rising careers can make a name for themselves right here at home."
"I appreciate TSheets' and Summit Partners' confidence in Idaho's people and economy," said Butch Otter, the Governor of Idaho. "This investment shows once again that investors and technology leaders across the nation are recognizing Idaho as a great place to grow a business. That's not only about the Idaho lifestyle, strong communities and hard-working citizens; it's also about the bottom line and demonstrating to employers everywhere that growing in Idaho is simply good business."
This is the first major funding for TSheets after raising a modest amount of initial startup capital from strategic angel investors in 2008. Since then, by partnering with other best-of-breed tech companies like Intuit and Square, and by using Lean Startup principles, TSheets achieved profitability without needing additional investment capital.
"I was adamant from the beginning that we would only contemplate a Series A funding if we found the right partner at the right firm and were able to arrange an aligned partnership," noted Rissell. "And we did. I couldn't be more excited to have Summit Partners join the TSheets family. I believe this positions us well to become the ubiquitous time tracking application that every payroll, accounting, and HR platform around the globe is connected to."
TSheets is quickly making paper timesheets obsolete. With go-anywhere, cloud-based time tracking technology, TSheets gives employees and employers (plus their accountants and payroll managers) in 100+ countries mobile, flexible tools to track what happens at the office and in the field. TSheets is rapidly gaining international recognition for easy-to-love time card options, exceptional customer support, and integrations with best-of-breed accounting, payroll and business software. Named "Idaho Innovative Company of the Year" and "Best Place to Work in Idaho," TSheets and CEO Matt Rissell have been featured in Forbes, Fast Company, AMEX Open Forum, The Wall Street Journal, Washington Post, Inc. and other leading publications.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that is currently investing more than $6.5 billion into equity and fixed income opportunities. Summit has invested in more than 400 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit Partners include Avast, Belkin, Clearwater Analytics, Flow Traders, Hyperion Solutions, Infor, McAfee, NetWitness, Postini, RiskIQ, SafeBoot, Sybari Software, Uber and WebEx. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.Back to Resource Center