Funds advised by private equity firm Providence Equity Partners LLC, made a majority investment in Data Management Inc., doing business as TimeClock Plus.
TimeClock Plus founder Jorge Ellis will remain a significant shareholder along with Providence Equity Partners and continue to serve on the board, according to a Sept. 4 release.
Financial terms of the deal were not disclosed. Upon the completion of the deal, TimeClock Plus will retain its corporate office in San Angelo, Texas.
Wells Fargo & Co. was financial adviser to TimeClock Plus in connection with the transaction, while Jackson Walker LLP was legal adviser. Weil Gotshal & Manges LLP was legal adviser to Providence Equity Partners.
San Angelo, Texas-based TimeClock Plus is a workforce management software provider.
