News: Strategic partnership with Maguar Capital and new operational management
by Anna Eisner-Kollmann, 01.02.2024
This week we have two major news to announce: with Maguar Capital from Munich we have a new strategic partner, and we are continuing our steep success story under new operational management.
Strengthening the Graz office and expanding to international markets
We are continuing on our sustainable growth path with Maguar Capital‘s investment and in-depth expertise in the HR tech sector. But that’s not all! In future, TimeTac will be managed by a new operational management team.
Continuing the success story with Maguar Capital
With currently 70 employees from 16 different countries, we serve a broad SME customer base of more than 3,800 companies in 30 countries worldwide. Over 150,000 employees use our software every day. For the first time, and without an investor, we were able to achieve annual recurring revenue of 10 million euros. A major success — only around 4 out of 1,000 “Software as a Service” companies worldwide reach this milestone!
With the help of Maguar Capital’s strategic partnership, TimeTac will further expand its strong market position in German-speaking countries and enter new international markets. To this end, not only will existing jobs be secured in the centre of Graz, but new ones will also be created: by the end of the year, 90 people will be employed at the office in Schmiedgasse.
Bernd Pichlbauer, founder and CEO of TimeTac, comments on the new developments: “The partnership with Maguar Capital is a strategic step forward for us and will accelerate our growth thanks to Maguar’s expertise in the field of HR software.”
Change in the company management
TimeTac was founded in 2009 and, under the leadership of Bernd Pichlbauer, Michael Hermann and Tanja Pichlbauer, has developed into the leading provider of time tracking software in German-speaking countries.
From the middle of the year onwards Michael Hermann, COO and CO-Founder, will concentrate on new projects outside TimeTac. Bernd and Tanja Pichlbauer will hand over their operational activities by the end of the year in order to be able to focus entirely on the company’s future strategic direction. The three partners will continue to hold a significant share in the company.
Michael Hermann, Tanja and Bernd Pichlbauer (from left to right)
Thanks to strategic personnel development, we can draw on potential within our own team when it comes to management succession: The current Head of Growth, Christoph Lückl, will lead TimeTac as CEO in the future. Michael Mauthner, one of our first employees and current Head of Software Development, will join the new operational management team as CTO.
Christoph Lückl and Michael Mauthner: “Thanks to years of working together, we know our team and can rely on an outstanding corporate culture. As a reliable employer in Graz, we look forward to driving the expansion and internationalisation of the company forward.”
Christoph Lückl and Michael Mauthner (from left to right)