Cloud-based time tracking technology company TSheets announced a $15 million growth equity investment from global equity firm Summit Partners.
TSheets, which offers online and mobile time cards that sync with QuickBooks and other small business software, is on target to achieve 100 percent year-over-year growth for three years, with customers in 100 countries, more than 80 employees and a satellite office in Sydney joining its Eagle, Idaho headquarters. According to the company, TSheets is positioned to track time for more than $8 billion in payroll in the next 12 months.
Summit Partners, which has invested in more than 400 companies in technology, healthcare and other sectors, focuses on helping expansion-stage companies navigate rapid growth. The firm has funded companies like Uber, Gainsight, Solutionreach and WebEx.
“When a top-ranked app like TSheets collaborates with an experienced growth equity partner, the benefits accrue for the end user and company alike,” stated Summit Partners managing director Greg Goldfarb. “More customers gain access to an innovative, disruptive product that saves them time and money; TSheets gains the capital to rapidly expand features, reach, usability, support and the opportunity to execute on a long term vision for the future.”
TSheets will use part of the funding to develop and deploy customer-requested features voted in at the company’s online help center.
“We’re committed to making accountants look good for referring customers to TSheets,” stated Matt Rissell, TSheets co-founder and CEO. “This incredible growth equity opportunity helps position our product and supercharge the support of our TSheets PROs in a way that will only make us better and more responsive to what their small business clients need to make time tracking work.”
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