Acquisition will accelerate Laurel's expansion into all professional service industries
SAN FRANCISCO, March 8, 2023 /PRNewswire-PRWeb/ -- Laurel announced today that it has acquired Quantime, a venture-backed startup building an AI-powered scheduling engine designed to help professionals optimize their time. The acquisition of this world-class team will accelerate Laurel's product development efforts as it brings its AI-timekeeping software to all professional services. Laurel announces the transaction on the heels of announcing its partnership with Ernst & Young and its company rebrand. It has plans to leverage Quantime's expertise in building time software as part of its reimagined product rebuild. Prior to the acquisition, Quantime managed half of all calendared events for professionals, and routinely spoke on the subject of time for leaders at Harvard Business School and Inc. 5000.
"We're thrilled to have Quantime join Laurel," said Andy Ward, VP of Machine Learning at Laurel. "The team has built a product that is smart, well-engineered, and thoughtfully designed. It's clear that together we have the opportunity to deliver on our shared promise of returning time to professional services workers."
"As a founder, it's rare to meet people who have thought as deeply about the problem you're solving," said Quantime founder Suchit Tuli. "When I first met Ryan (Laurel CEO), it was evident he had gone beyond. Joining forces with the Laurel team was a no-brainer to fulfill our shared promise to the world."
Laurel raised its $36.5M Series B last year from ACME, Anthos, Salesforce CEO Marc Benioff's TIME Ventures, Gokul Rajaram, and Initialized Capital. In addition to expansion into accounting and consulting, the company will continue to expand its legal footprint, adding to its customer base that includes leading firms such as Armstrong Teasdale, Tonkon Torp, and Shulman Rogers. The companies believe that together, they can help all knowledge workers understand how they are spending their time at work. Currently, 83% of the one billion knowledge workers worldwide do not track time given the burden of manual timekeeping. It is not just time that organizations are losing. Today, companies that deploy Laurel experience an increase of 7% in profitability, and their timekeepers recover up to 2 hours a week.
"Laurel's mission is to help people understand and value their time, and we believe that the acquisition of Quantime will materially accelerate our ability to deliver on that promise," said Ryan Alshak, CEO of Laurel.
Visit laurel.ai to learn more about how the company automates timekeeping for legal, accounting, and consulting organizations.
Media Contact
Fatima Zehra Naqvi, Laurel, 1 6698007342, [email protected]
SOURCE Laurel
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