AbsenceSoft, a Golden-based SaaS platform for leave of absence and accommodations management, has been acquired by Luminate Capital Partners from existing investors Norwest Venture Partners and Bow River Capital. Luminate’s strategic investment aims to support AbsenceSoft’s growth and strengthen its market leadership.
AbsenceSoft provides a platform designed by HR professionals to streamline and automate employee leave and accommodations processes. The company is used by more than 300 employers and supports more than 6 million people on its platform. Recently, AbsenceSoft experienced 400% growth in revenue over the past three years and was named a 2024 Inc. 5000 honoree. It also won the HR Tech Awards Best Innovative or Emerging Tech Solution in the Core HR/Workforce category for the second consecutive year.
Luminate is a San Francisco-based private equity firm that invests in growth software companies.
“We are very excited to collaborate with Luminate as we continue our mission to bring humanity, certainty and efficiency to employers’ leave and accommodations programs,” said Mark Schiff, CEO of AbsenceSoft. “Luminate is deeply embedded in the enterprise software market and understands the value our customers get from improved compliance, better employee experience, less wasted resources and reduced talent turnover. They are the perfect partner as we look to scale and cement our position as the industry leader.”
Dave Ulrich, partner at Luminate, stated, “AbsenceSoft addresses an increasingly complex and urgent need shared by employers of all sizes and industries. We believe many organizations can greatly benefit from this type of solution.” Hollie Haynes, Managing Partner at Luminate, added, “We look forward to helping the AbsenceSoft team scale, drive product innovation and deliver increased value to customers.”
Raymond James provided M&A advisory services to AbsenceSoft, while Goodwin Proctor served as legal adviser to Norwest and Kirkland & Ellis acted as legal adviser to Luminate. Terms of the transaction were not disclosed.