Staff absence software firm secures Palatine backing
A Nottingham-headquartered software firm which helps companies reduce employee absenteeism has secured an undisclosed investment from private equity firm Palatine.
Formed in 2005, e-days is an employee absence management tool designed to help customer organisations improve operational efficiency and reduce absenteeism.
Provided through a software-as-a-service (SaaS) model, the tool manages, processes and tracks employee leave and sickness, providing absence analytics to help managers deliver efficiency gains across their organisation.
It is used by over 175,000 users in more than 80 countries worldwide.
“The Palatine investment will help us accelerate our market penetration, whilst continuing to enhance the product offering for the benefit of our customers and their employees,” said e-days chief executive Steve Arnold.
This is the second deal from Palatine Private Equity’s Impact Fund, a £100m investment vehicle targeting growth companies that also deliver a positive social and/or environmental impact.
The deal was led by partner and head of the impact fund Beth Houghton and investment director James Gregson, with support from investment manager Tom Hustler.
Both Houghton and Gregson will join the e-days board.
Houghton said: “E-days is exactly the type of business we set out to support with our new Impact Fund, and we look forward to working alongside the management team in the coming months."