September 16, 2009

Acadia HCS Acquired, Raises $5 Million Round of Financing

Company’s technology to be advanced into online strategic human resources platform

CHARLESTON, SC – September 16, 2009 – Acadia Human Capital Solutions, a Columbia, SC software company focused on Strategic Human Resources (SHR), announced today that it has been acquired by private company PMW Technologies through a $5 million round of venture capital financing.

Acadia will relocate to Charleston, South Carolina and is now managed by former Benefitfocus executives Nate DaPore, serving as President and CEO, and John Smith, serving as Chief Technology Officer.

The $5 million round, which is the company’s first institutional financing, was led by Intersouth Partners of Durham, NC, with participation by C&B Capital of Atlanta, GA. This financing will be used to develop the company’s technology into a comprehensive online solution named the Acadia platform and will expand Acadia’s current offering into six core areas critical to developing and motivating a company’s workforce: onboarding, learning management, performance management, communication, compensation and succession planning. These fully integrated capabilities will bring the power of high-end SHR systems to small and mid-sized business, giving them a cost-effective means to manage the entire employee lifecycle, from hire to retire.

The Acadia platform will also support micro-applications, that can be developed by the customer or third party developers, to provide functionality beyond the six core applications. Easy integration with other third party HR management systems, such as payroll, will be achieved via the company’s Integration as a Service (IaaS) data exchange engine.

“Our Acadia platform will help companies attract, develop, and motivate their workforce to ensure employees realize their full potential to operate in a high-performance workplace. By providing the means to easily offer all employees the training and development they need, these companies will become the best and most desirable places to work.” said Nate DaPore, President and CEO of Acadia.

John Smith, Acadia’s Chief Technology Officer stated “Our new Software-as-a-Service platform will deliver a powerful and cost-effective system that easily integrates with other business applications. Companies with as few as ten employees will be able to start providing the high levels of training and career development that until now only large corporations could afford to offer.”

“With today’s focus on people as the most important asset of a company, and businesses working to be as efficient as possible—with both their human resources and their capital—Acadia is perfectly positioned to take advantage of a growing market that is vastly underserved,” said Mitch Mumma, General Partner of Intersouth Partners, who will join the Acadia board of directors. “This market opportunity, coupled with the company’s proven technology and the experience of the new management team, make Acadia an exciting investment.”

PMW Technologies was represented in this transaction by Atlanta-based investment bankers Croft and Bender, LLC.

About Acadia
Since 2001, Acadia Human Capital Solutions has been a leading provider of Strategic Human Resources and Workforce Productivity software and services, enabling organizations to manage their employees from on-boarding through full career development.