Technology Winners Circle - Company Profiles
Member Jennifer Kronstain
Editorial and Promotional Consultant
Headquartered in Parsippany, NJ with operations in Toronto,
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
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."