Lightspeed is now a Team Company!
January 1, 2016 - Strengthening its commitment to offer best in class technology solutions for streamlining the production workflow for advertising and entertainment projects, The TEAM Companies has acquired Lightspeed EPS as of January 1st, 2016.
Founded in 2009, Lightspeed developed a cloud-based Entertainment Production Management System with a comprehensive work flow for script breakdown, scheduling, and a mobile timecard accessible to employees anywhere in the world. The Lightspeed EPS system calculates wages based on union rates and can also accommodate negotiated rates for overscale and non-union work. This fast, efficient system streamlines production payroll management, and its proprietary reporting capabilities offer producers a range of reports and analytical tools for planning and actualizing as well as responding to inquiries, audits, and claims. With its flexibility and robust capabilities, Lightspeed EPS is the production management system preferred by over 4,100 Domestic and International Television & Film productions.
Because of their expertise and in-depth understanding of the complexities of entertainment industry payroll and compliance with union rules, The TEAM Companies chose Lightspeed to develop a version of the EPS system for short form content and commercial producers. The result of this highly successful collaboration is TEAM Time Cards, an on-line timecard and employee management system tailored to accommodate the needs of short form content and commercial producers. Launched in the last quarter of 2015, TEAM Time Cards has already received high praise from users who have seen a marked improvement in efficiency in their production process using this new tool.
With the continuing evolution of technology and additional projects in the pipeline, and based on the success of the TEAM Time Cards, the working relationship between the two companies has been formalized with the acquisition of Lightspeed by The TEAM Companies. Jim Fitzgerald, formerly CEO of Lightspeed, has been appointed Chief Lightspeed Product Officer at The TEAM Companies and will oversee the continued growth and development of existing Lightspeed products, including TEAM Time Cards and the EPS system, as well as future technology initiatives targeted at meeting the evolving demands of production processes.
Announcing the acquisition, Gerry Schwartz, CEO of the TEAM Companies said “We are very excited about this latest advancement and welcome Lightspeed EPS to the TEAM Companies family. We look forward to building on the success of our collaboration with this highly innovative and forward thinking group of developers to continue developing tools that offer improved efficiencies for our clients and staff.”
The Lightspeed Products department will be part of The TEAM Companies recently formed Technology division and will be housed in the company’s Burbank Headquarters. TEAM will continue to support the EPS system and TEAM Time Cards as well as the integration with other TEAM Companies’ technologies.