New capital infusion and appointment of highly experienced CEO to accelerate growth of end-to-end deskless workforce management platform
Growth equity investment firm Edison Partners today announced leading a $115 million growth investment in New York-based Fingercheck, which provides a state-of-the-art, all-in-one workforce management platform for small and medium businesses (SMBs) with ‘deskless' workforces. StepStone Group (NASDAQ:STEP) and Columbus Capital also participated in the investment. Fingercheck was advised by KPMG Corporate Finance. The company is also announcing the appointment of highly experienced executive leader Dan Kazan as Chief Executive Officer. Under Kazan's leadership, the company will use the new capital to further develop its product and technology and expand its headcount and go-to-market efforts.
Fingercheck was specifically designed to provide an all-in-one workforce management system for the sizable SMB market with deskless team members — a complex part of the market, generally led by time-strapped entrepreneurs who are saddled with multiple point solutions. Eighty percent of the U.S. workforce performs their jobs away from a traditional desk across industries such as construction, property management, retail, healthcare, technical trades, and more. Analysts forecast a $5.1 billion total addressable market for deskless workforce management with growth at a 7.6% CAGR through 2028.
Existing human resources and payroll software is generally expensive and difficult to integrate and requires employers to piece together multiple, disparate products in order to get the services they need. Fingercheck has built a modern platform from the ground up to give business owners and their employees a simple, singular, convenient, cost-effective platform for the entire lifecycle of the deskless employee.
"Businesses with deskless workers, who work hourly and are on their feet, have unique workforce management needs ranging from mobile first to time and attendance, which have not been met by the tech industry historically. Fingercheck understands this and is delivering a seamless platform, purpose-built for these businesses where management is wearing many hats from CEO to CFO to CHRO," said Chris Sugden, Managing Partner of Edison Partners. "We're impressed with Fingercheck's best-in-class retention metrics, capital efficiency and expansion through organic, profitable, and steady product-led growth and we're excited to partner with the Company to continue to expand."
In contrast to the industry's standard multi-month implementation, Fingercheck is able to provide enterprise-level payroll and HR management that can be set up and running in a matter of hours or days. Its platform supports posting jobs, onboarding, time and attendance, payroll, scheduling and shift management, payment on demand, and benefits and tax management. The software also provides deep job costing capabilities, a critical tool that allows owners to track and measure the actual profitability of a project.
"Our team is looking forward to this partnership. Edison Partners brings unparalleled expertise, resources, and network effects that will accelerate Fingercheck's expansion and strengthen our competitive position," said Joel Kohn, founder of Fingercheck. "Edison shares our vision, values, and commitment to innovation that will continue to drive growth and shape our future. Great things ahead."
"Fingercheck's software takes the workforce management headache out of the equation for SMB's with deskless workers, allowing those business owners to focus more of their time on their passion: growing their business," said Dan Kazan, CEO of Fingercheck. "I'm excited to work with and expand the team, to invest further in all aspects of the business, and to bring this software to a wider market."
Fingercheck is the latest Edison investment focused on the digital transformation of the office of the CFO. Other portfolio companies include Billtrust (IPO), Bento for Business (exited to U.S. Bank), Comply, Liberty Tax (IPO), Solovis, and K1x. Since its inception in 1986, Edison has invested in more than 260 companies.
About Edison Partners
Edison Partners is a leading growth equity firm providing the financial and intellectual capital that CEOs and their executive teams need to grow and scale their companies. The firm's team brings more than 275 years of combined investing, operating and sector experience to each investment, accessible via the Edison Edge value creation platform, which is tailored to each business' strategy, stage and operating needs. Edison targets high-growth vertical SaaS, financial technology, healthcare IT and marketplace companies located outside Silicon Valley with $10 million to $40 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Named as a Top Growth Investment Firm by GrowthCap for two years running, Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners manages $1.7 billion in assets. For more information on Edison Partners, please visit edisonpartners.com and follow on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029320587/en/