Norwest Venture Partners made an significant investment in AbsenceSoft, a total absence management platform. No financial terms were disclosed.
PALO ALTO, Calif.–(BUSINESS WIRE)–AbsenceSoft, the market-leading SaaS provider for total absence and leave management, announced today that it has received a significant strategic investment from Norwest, a leading investment firm. The investment will fuel AbsenceSoft’s mission to improve employee experience for employers and TPAs while helping them efficiently and cost-effectively comply with federal and state laws as well as ever-changing corporate leave policies. AbsenceSoft will also expand its portfolio of solutions designed to help companies and individuals manage FMLA, disability, ADA, and other forms of leave.
AbsenceSoft achieved record-breaking 2020 year-end results, including 100%+ Y/Y growth. As leave requests skyrocket and constant changes to hundreds of state and federal leave laws occur, many companies cannot keep pace with the increased financial and legal burden associated with maintaining compliance on their own. AbsenceSoft’s modern SaaS solution makes it possible for companies and TPAs to streamline processes, improve employee retention, and remain compliant. In an extremely tight labor market, corporations and TPAs are looking for every opportunity they can to elevate employee satisfaction, particularly in potentially stressful situations such as managing a leave or longer-term absence.
“We’re thrilled to be working with the Norwest team and leveraging their strategic resources in this next chapter of our growth. They see the importance of AbsenceSoft’s solutions in the HR industry, and how having the right tools for leave management contributes to not only compliance but also builds employee satisfaction and retention,” said John Huettel, President and CEO of AbsenceSoft.
“The volume and complexity of laws and policies associated with employee leave can put challenging pressures and costs on HR teams to keep pace. Covid-19 and increasing awareness for mental health support also put a bright spotlight on employee experience and retention,” said Rob Arditi, co-head of Growth Equity at Norwest. “AbsenceSoft provides easy-to-use SaaS workflows and support for small companies up to some of the largest TPAs and enterprises in the world,” said Ran Ding, Partner at Norwest.
As part of the investment, Rob Arditi and Ran Ding will join AbsenceSoft’s board of directors.
Bow River Capital’s Software Growth Equity Fund will maintain a significant equity stake and board seat to help drive continued growth. “We’re excited to join forces with Norwest. This investment will help AbsenceSoft innovate faster and scale to meet the needs of AbsenceSoft’s growing customer base,” said John Raeder, Managing Director and Head of Software Investments at Bow River Capital.
Taking Control of Leave Management
AbsenceSoft was founded in 2013 by a team experienced in the HR Industry and with a keen understanding of HR pain points. They knew that leave management was tough for a lot of companies. Employees were not satisfied, employers were not tracking leave correctly, and companies could not keep up with compliance and case management. They set forth to create a scalable solution to take control of their leave management with an easy-to-use platform that anyone could adopt. AbsenceSoft is today recognized as a leader in innovative and cost-effective SaaS solutions for the absence/leave management industry.
AbsenceSoft, backed by Norwest and Bow River Capital’s Software Growth Equity Fund, is a market-leading, cloud-based Total Absence Management platform. The company delivers modern, easy-to-use, and flexible software to manage FMLA, ADA, Disability, and other forms of leave easily, efficiently, and cost-effectively. AbsenceSoft is trusted by companies of all sizes and in every industry to save time, reduce risk, improve employee experience and stay compliant. Learn more at www.absencesoft.com, or follow the company on LinkedIn, Facebook, or Twitter.
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and currently partner with over 150 active companies in our venture and growth equity portfolio. The firm invests in early to late-stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com.