London, 10 August 2015 – Boston based private equity firm today closes its deal to acquire 55 percent of global HR software leader Reward Gateway. New owners Great Hill Partners L.P., valued the company at £140 million GBP (US$ 217.6 million). The injection to fuel the expansion of products and technology for HR departments and fund geographic expansion outside of the company’s current markets of UK, USA and Australia. Wasting no time, the company announced today that it is creating a Boston based North American hub which will be home to 30 newly created technology roles.
Reward Gateway management plan to use the investment to propel the company’s future US operations and further strengthen its market leading position elsewhere. Reward Gateway’s technology powers employee benefits, reward & recognition, total reward solutions, employee communications and engagement systems. Clients include IBM, American Express, Diageo, Heineken, McDonalds, Bloomberg, Unilever, DHL, Bayer, AT&T, Yahoo!, AOL and Groupon.
Reward Gateway’s Founder and CEO, Glenn Elliott says: “Our business is about enabling companies to better attract, engage and retain their people. We use technology to put meaningful reward and benefit programme in place that are designed to make HR’s role of communicating and engaging as easy as possible. By creating our new hub in Boston we are better able to serve the blue-chip client rosta we already have in place, but more importantly really invest in developing our next generation suite of HR products and services.”
Chris Busby, Partner at Great Hill Partners added: “We are thrilled to back Glenn Elliott, the management team and Reward Gateway in their next phase of development here in Boston and internationally. The business has been at the very forefront of innovating in employee benefits, reward and engagement for nearly 10 years now.
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