(Suzhou/Beijing, May 15, 2018) Today, GaiaWorks, a leading provider of workforce management SaaS provider in the Asia-Pacific region, announced the completion of the acquisition of Yiqin Software, a leading Chinese time & attendance software brand. The acquisition further consolidated GaiaWorks’ leading position in the workforce management market in China and laid a solid foundation for the development of the next-generation workforce management.
Yiqin (as Easy Time and Attendance in Chinese) is the first Internet-based attendance software in China. Its history can be traced back to 25 years ago. Mr. Yu Xuejun, the founder of Yiqin, has been focusing on attendance software since 1993 and is the first veteran of independent attendance software in China. Yiqin products have passed the test for more than ten years and have accumulated services to more than 400 customers, including medium and large-sized enterprise groups such as PetroChina, Sinopec, China Railway Shenyang Bureau Group, China Merchants Heavy Industry, Beijing Benz, Dongfeng Yueda Kia, Zhongtai Auto, etc. Yiqin now manages time and attendance for over 1.5 million active employees in large and medium-sized enterprises and government offices in China.
After the completion of the acquisition, Yiqin’s brands, products, and the team will be fully retained. GaiaWorks will increase resource input and innovation, upgrade Yiqin’s brand, and promote the transformation of Yiqin products to SaaS cloud services, improving customer service resources to provide customers with more excellent service. With this acquisition, GaiaWorks has full coverage for state-owned enterprises, private business, foreign-invested enterprises, government offices, and institutions. And the whole coverage of multinational groups over 100,000 employees, large-scale group companies over 10,000 employees, medium-sized companies with more than 1,000 employees, and general businesses with less than 1,000 employees. GaiaWorks will become an absolute leader in China WFM market regarding revenue, the number of customers, and the number of employees.
Simpson Zhang, co-founder, and CEO of GaiaWorks said: “Qinqin is a leading brand in local attendance management software in China. For over 20 years, they have only done one thing, that is, creating time and attendance software that suits China’s characters. We recognized Yiqin and Mr. Yu Xuejun in the past competitions. We share the similar mission and values. It is a pleasure to work with Yiqin and go into the new era of workforce management in China.”
Yi Xuejun, the founder of YiQin, said: “GaiaWorks focused on workforce management with the vision of ‘The Great Workforce, Gaia Works.’ We share the same vision. I am glad that Yiqin has joined GaiaWorks and realized a full upgrade of products, talents, and services. I believe that Yiqin will usher in a better development platform and a better future. Our dream of creating a China-based world-class brand of workforce management has never been so close.”
As a leader in cloud management for workforce management software in the Asia-Pacific region, GaiaWorks has been focusing on workforce management since its establishment in 2009. It has established a Gaia Workforce Cloud with independent intellectual property rights, covering Smart scheduling cloud based on predictions and complicated rules. Real-time attendance cloud, fine-grained Lean Working Hour cloud, Sales Performance cloud, and artificial intelligence-based Intelligent Algorithm cloud, serving nearly 1.5 million employees across 400 customers in 13 countries and regions in the Asia-Pacific region. GaiaWorks help them to control labor costs accurately, quickly increase labor efficiency, prevent labor compliance risks and efficiently improve employee satisfaction and engagement. After this acquisition, the new GaiaWorks will cover nearly 800 large and medium-sized customer groups and more than 3 million active employees, leading the workforce management field in the Asia Pacific region.