Quinyx Acquires Leading Task Management and Employee Engagement Platform Concrete, Accelerating Its Journey to Disrupt the Workforce Management Space.

Rhea-AI Summary

Quinyx has completed the acquisition of Concrete, a leading platform for employee engagement and task management. This strategic move aims to enhance Quinyx’s product offerings, providing a robust AI-powered workforce management solution. The acquisition is expected to significantly improve operational efficiency for organizations like McDonald's and Bath & Body Works by bridging gaps between task execution and scheduling. Concrete will operate independently under Quinyx, with its CEO, Tristan Rogers, continuing in that role.

Positive

• Acquisition of Concrete enhances Quinyx's product offerings.
• Expected operational synergies will improve efficiency and employee engagement.
• Concrete's technology is anticipated to reduce employee churn by 50% and increase store-level revenue by 3-5%.

Negative

• None.

 

BOSTON--(BUSINESS WIRE)-- Quinyx, a world leader in Workforce Management technology, announced today that it had completed the acquisition of Concrete, a leading employee engagement, store operations, and task management platform. Calvin Klein, Bath & Body Works, Victoria’s Secret, Tory Burch, and Superdry are among many global retailers Concrete already serves.

Quinyx, the leader in AI-powered workforce management acquires Concrete Platform (Photo: Business Wire)

Quinyx’s AI-powered workforce management software lets organizations automate, optimize and streamline their labor processes, while simultaneously empowering and engaging their employees. The platform helps customers worldwide—including McDonald’s, Sysco, Domino’s, Maersk, IHG, and DHL—dramatically improve productivity, drive business outcomes, and enhance employee experience.

“This acquisition will power up our product offering. We are bringing an unmatched AI-powered workforce and task management solution to the market, giving organizations hiring frontline workers dramatic improvements across their operations,” commented Erik Fjellborg, founder and CEO of Quinyx, adding, ”as customers harness the power of our joint offering, we are excited to see organizations revolutionize the way they optimize store operations and manage their frontline workers.”

Quinyx and Concrete will give organizations an unparalleled ability to digitally connect field managers, frontline workers, and HQs to deliver meaningful benefits across store performance, hourly workers’ flexibility, and engagement—ultimately bridging the gap between task execution, forecasting and scheduling.

“Quinyx and Concrete are on a mission to solve two of today's most pressing retail issues; staff retention and customer expectations,” said Tristan Rogers, CEO of Concrete. “The coming together of our technologies is a natural step, and the synergies between workforce management, task management, store operations, and field communications are significant. Quinyx is at the forefront of the workforce management industry. The powerful combination of our technologies and talent will improve our customers' operations and improve the lives of their frontline workers."

Quinyx and Concrete have worked closely as partners for many years, and the acquisition reflects the strong, shared values both companies have for enabling and empowering frontline workers.

Concrete will remain its own entity within Quinyx, formalizing the already close collaboration. Tristan Rogers will remain as Concrete’s CEO, sharing the Quinyx vision and mission to grow both brands under the Quinyx umbrella while delivering best-in-class solutions for frontline workers.

About Quinyx

Quinyx is a leading workforce management software providing technology that simplifies scheduling, time reporting, communication, task management, budgeting, and forecasting. Quinyx helps organizations worldwide remain compliant, improve efficiency, reduce labor costs, and engage employees through advanced and flexible features. Today, Quinyx helps some of the world’s biggest businesses save time and money, boost productivity and enjoy work. Quinyx has offices in the U.S, U.K, Australia, Sweden, Finland, Germany, Norway, Denmark, and the Netherlands. Clients include McDonald’s, Domino’s, Oatly, Well Pharmacy, Maersk, Sysco, Virgin Atlantic, Palace Entertainment, IHG, Rituals, Swarovski, Odeon Cinemas Group, and DHL.

Quinyx is backed by leading SaaS investors Alfvén & Didrikson, Battery Ventures and Zobito.

About Concrete

Concrete helps brands such as Calvin Klein, Tory Burch, The Vitamin Shoppe, and Bath & Body Works better engage and retain their field team, reducing their exposure to the $19B in recruitment and training costs caused by staff churn in the retail market. Concrete provides its customers a mobile-first employee engagement and task management platform that connects field workers to daily SOPs, communications, and education to drive store performance at scale. Equipped with a suite of features to cover all in-store processes from visual merchandise approval to product recalls, Concrete can deliver brands a 3-5% revenue increase at store level while also cutting employee churn by 50%. Concrete gives brands the power to drive consistent conversion and customer satisfaction across the store fleet by controlling the in-store activities that matter. Concrete is used in more than 160 countries by more than 100 brands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220412005108/en/

Media:

North American Media Enquiries

Laurie Pace

VP North American Marketing, Global PR, and Analyst relations

+18572967433

Source: Quinyx

FAQ

What is the significance of Quinyx's acquisition of Concrete for investors?

The acquisition is designed to enhance Quinyx's market position and product offerings, potentially leading to increased revenue and operational efficiency.

How will the acquisition impact Quinyx's product offerings?

Quinyx's acquisition of Concrete will provide an AI-powered solution that combines workforce management and task management, improving operational performance.

What brands does Concrete support after the acquisition by Quinyx?

Concrete supports major brands like Calvin Klein, Tory Burch, and Bath & Body Works, enhancing their employee engagement and operational effectiveness.

When did Quinyx complete the acquisition of Concrete?

Quinyx announced the completion of the acquisition of Concrete on the same day of the press release.