Technology Winners Circle - Company Profiles

By NYNMA Member Jennifer Kronstain
Editorial and Promotional Consultant

Headquartered in Parsippany, NJ with operations in Toronto, Canada, CyberShift provides a suite of workforce management software that aims to drive measurable financial returns and business improvements through effective management of employee and contractor time. CyberShift's software and related services are designed to form the core of advanced time-and-attendance, process automation, demand forecasting and scheduling systems.

The company's success in doing just that is why CyberShift has been selected a member of NYNMA's 2003 Technology Winners' Circle.

The software is effective, says CEO Robert Farina, because it can be installed quickly on top of a company's existing infrastructure (i.e. PeopleSoft), generating immediate ROI. CyberShift client list includes more than 100 commercial and public sector institutions ranging in size from 1,000 to over 130,000 employees. It recorded a revenue increase of over 50% in fiscal 2003 over the previous fiscal year.

CyberShift was founded as a joint venture of two publicly held companies in 1996. Its initial focus was on software and services designed to address the time-and-attendance requirements of large, complex organizations on a distributed basis. Seeing the unique value that CyberShift's offerings and intellectual capital bring to the marketplace, CyberShift was acquired in 2001 by a consortium of well-regarded venture capital firms, including LLR Equity Partners, Edison Venture Funds and NewSpring Ventures.

The company's success in raising an aggregate $22 million during one of the most difficult fund raising markets of recent memory provided it with the capital needed to broaden its product suite and sharpen its competitive position. The results of that investment over the last two years are a new product line recognized for its innovation and market leadership (CyberShift was awarded U.S. and Canadian patents for its approach to delivering time-and-attendance capabilities over the web) and strong growth. Its core mission remains to "deliver substantial financial benefits to complex organizations by optimizing the management and deployment of workforce assets."