It started with a simple idea from Massachusetts Institute of Technology (MIT) graduate Mark S. Ain: there had to be an easier way to record employee time transactions. With a small team of engineers, a hunger for success, and a small office space in an old ironworks building in Brighton, Mass., this idea became Kronos Incorporated on October 31, 1977.
After working through a series of prototypes, it was in 1979 that Kronos delivered and patented the first microprocessor-based time clock which automatically recorded, totaled, and reported employee hours. This time clock facilitated the transformation of an industry that had not seen innovation in many years.
Perseverance paid off and Kronos began to expand. By the mid-1980s, Kronos had opened its first direct office in Chicago to supplement its dealer network, and introduced a PC-based time and attendance product to complement its hardware business
As sales increased and Kronos added more employees to support the demand for its products, the company relocated to Waltham, Mass.
In the late 1980s, Kronos completed its first of many dealer acquisitions as the company focused on transitioning to a direct sales channel.
During this timeframe, with strong success in North America, Kronos expanded internationally, establishing a presence in the United Kingdom, Mexico, and Australia.
In 2000, Kronos moved its global headquarters to Chelmsford, Mass., where today the company is the city's largest private employer. During this period, Kronos surpassed $500 million in annual revenue. Kronos' impressive streak of growth and profitability resulted in recognition such as: Business 2.0 "100 Fastest-Growing Companies", BusinessWeek "Hot Growth Companies", and Forbes "Best Small Companies."
Yet again revolutionizing the way organizations manage their workforce, Kronos introduced an entirely web-based workforce management solution and added employee scheduling, labour analytics, human resources and payroll, and hiring capabilities to its suite of enterprise workforce management software applications.
When Mark Ain turned over the CEO role to his brother Aron Ain in 2005, he had been the longest-running founder leading a technology company in Massachusetts. Mark assumed the role of chairman of the board of directors, a title he still holds today.
The company verticalized its operations in a major go-to-market strategy shift, developing even deeper vertical-specific expertise and product functionality to meet the unique needs of its target markets. Its vertical expertise remains a unique differentiator for the company today.
The late 2000s brought upon a heavy investment in mobile, cloud-based solutions, and the company to further its commitment to developing products for the next generation workforce. In 2007, Kronos was acquired by private equity firms Hellman & Friedman and JMI Equity, a move which enabled the company to grow more rapidly by investing more funds back into the business.
With a passionate focus on innovation, Kronos helped start a revolution in how organizations manage their workforce. Harnessing the power and intuitive nature of consumer-based technologies, the company developed innovative solutions that instantly engaged users through a familiar and inviting user experience.
In 2014, private equity firms Blackstone and GIC invested in Kronos alongside Hellman & Friedman and JMI Equity. Kronos was named an employer of choice in Boston, Canada, India, and Indianapolis based on employee feedback on workplace experience. And in 2015, Kronos had more than 16,000 customers hosted in the cloud – the fastest growing part of its business.
In 2016, Kronos completed its 69th acquisition and announced its world headquarters move to Lowell, Mass. Kronos continues its growth trajectory with more than 70 offices in 16 countries worldwide.
The company now employs more than 4,500 "Kronites" around the world and has technology centers in India, Canada, and the U.S.
Kronos human capital management (HCM) and workforce management solutions help global organizations create and manage an engaged workforce regardless of industry or location. With that belief in mind, Kronos has been delivering game-changing products that are easy to use and own.
Kronos now helps organizations in more than 100 countries to control labour costs, minimize compliance risk, and improve workforce productivity. More than 40 million people around the world use a Kronos solution every day. The Kronos steadfast focus on helping customers achieve their objectives has resulted in the company being recognized as an organization that offers exceptional customer service and consistently exceeds customer expectations.
Today, as a $1 billion global enterprise software company, Kronos is widely recognized by industry analysts as the global leader in the HCM and workforce management market.