ThinkHR Sets Strong Foundation to Accelerate Growth

Silicon Valley Executive Steve King Named Chairman

Company Secures $3 Million in Financing to Extend Reach into Untapped Markets

News provided by

Apr 01, 2014, 09:00 ET

PLEASANTON, Calif., April 1, 2014 /PRNewswire/ -- With the appointment of a new chairman of the board and access to additional financing, ThinkHR is well positioned to accelerate its recent strong growth by focusing on untapped markets that can benefit from expert human resources (HR) support. ThinkHR will use the additional resources to pursue new and underserved markets, such as small and medium-size businesses, which represents 99 percent of employer firms in the United States and often do not have the expertise or dedicated resources to confidently deal with ever-increasing HR challenges. ThinkHR offers its users peace of mind with its comprehensive collection of cloud-based resources and hotline access to a team of live HR subject-matter experts who provide unparalleled advice for the most critical and complex situations.

Businesses with fewer than 500 workers employ almost half of private sector payrolls, according to the Small Business & Entrepreneurship Council. ThinkHR saves these businesses time, reduces HR and related costs, increases HR compliance, and helps employers and their employees have better working relationships.

Steve King, a Silicon Valley executive and current ThinkHR board member with more than 20 years of experience expanding companies into new markets, was named chairman of ThinkHR. King is a veteran at leading and positioning cloud-based companies for accelerated growth. In addition, ThinkHR announced that it has secured $3 million in financing from SaaS Capital, the largest provider of alternative financing for SaaS-related businesses.

"ThinkHR has become known as a trusted HR resource for companies of all sizes, particularly small and mid-sized businesses, because of the high-quality experience we offer our customers. The reason: We offer more than just content, we offer immediate solutions," said Pete Yozzo, founder and CEO of ThinkHR. "With the volume of new and changing legislation hitting our customers regularly, ThinkHR has experienced significant growth in the past year, and we are going to continue growing to meet market demand. Steve taking the role as our chairman, paired with funding from SaaS Capital, is the fuel we need to capitalize on the explosive market opportunity before us."

New Chairman Takes the Helm
King, who has served on the ThinkHR board for more than two years, has a proven record of success in growing Silicon Valley companies into global leaders. As president and CEO of ZANTAZ Inc., he transitioned the cloud-based content archiving and electronic discovery solutions provider from a sub-$1 million start-up into a leading global business that generated more than $100 million in revenue. Previously, King served in various leadership positions at E*TRADE, where he played a key role in leading the company during its explosive growth period. Most recently, he was president and CEO of DocuSign Inc.

"ThinkHR is at a exciting inflection point in its development. With a strong leadership team in place; a robust, cloud-based offering that provides businesses with the comprehensive HR answers they need; and capital to support future growth, ThinkHR is uniquely positioned to capture market share among a large group of businesses that currently have few options for resolving people issues quickly, implementing best practices, training that improves employee performance and ensuring HR compliance," said King. "I am looking forward to expanding my role with ThinkHR to ensure that we take full advantage of this unique market opportunity."

$3 Million Available to Support Innovation and Growth
With access to $3 million from SaaS Capital, ThinkHR has the flexibility to develop and deliver new products, and bring its services to new and large, untapped markets, like the SMB market.

"Because ThinkHR is positioned for significant growth and market expansion, the company has a variety of equity financing options available to them. We are pleased the company recognized the value of using our unique type of leverage to accelerate that growth," said Todd Gardner, CEO of SaaS Capital. "In the next 18 months, ThinkHR is entering a window of tremendous value creation, so having the ability to access additional capital – with very little dilution – is a particularly compelling scenario. We look forward to supporting ThinkHR's growth as one of our portfolio companies. "

Earlier this quarter ThinkHR completed a competitive acquisition; launched a new, robust online HR resource center; and expanded its outside sales divisions, paving the way for today's announcement.

About ThinkHR
ThinkHR is a comprehensive cloud-based HR resource center that offers a unique combination of online compliance and employee training solutions, as well as a live HR hotline staffed by seasoned HR advisors to help companies ensure HR compliance, quickly resolve people issues, and implement best practices and training to optimize employee performance. With this combined approach, ThinkHR delivers the fastest, most personalized issue resolution and learning platform in the industry. The company was founded in 2005 and is headquartered in Pleasanton, Calif. For more information, visit www.ThinkHR.com or follow @ThinkHRhotline on Twitter.

About SaaS Capital
Founded in 2006, SaaS Capital is the pioneer provider of debt-based growth capital for SaaS companies. By leveraging the predictable revenue streams of the SaaS business model, SaaS Capital allows companies to use debt instead of equity to fund investments in sales, marketing, and new product development. SaaS Capital's line-of-credit approach combines more availability and longer terms, with more flexible drawdown and repayment, versus other lenders in the market. Through its partnership with DH Capital, SaaS Capital can also assist with a variety of M&A and capital raising advisory services. To learn more about SaaS Capital, visit www.saas-capital.com.

Logo - http://photos.prnewswire.com/prnh/20140225/SF70987LOGO

SOURCE ThinkHR