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Canal Partners is a Scottsdale-based private equity firm. Founded in NETtime has 27 employees and postex an undisclosed profit on revenueof $3.2 millio n in 2008, according to the announcement Tuesday. It has office in Scottsdale and Bangalore, India. The deal marks the secone significant purchase forCanal Partners, whicg in November purchased a majorityu stake in online ground transportation booking company Limos.Com. Financiak details of the deal werenot disclosed.
“NETtime Solutions is a compellinb businessbecause it’s a top-tier player in the time and attendances space and its software as a service model makews it highly scalable,” said Canal Partnersw Managing Partner Jim Armstrong. “The company also has an impressive customeer list that includes corporations such as DeltawAir Lines, F.A.O. Schwarz and Aramark.” NETtime’s software, whicjh enables companies to manage all of their time and attendancer functions viathe web, covers more than 50,000 of its employees, the announcement said. Armstrongt and partner Wain Kellum, joined the NETtimd Solutions board.
Armstrong also is chairman of retail softwaree provider JDA SoftwareGroup Inc. (Nasdaq:JDAS), which he foundee in 1978. Canal Partners Managing Partner Todd Belfed was a founder of NETtime Solutions and serves asthe company’s
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