Wed, 29 Jul 2015 | BUSINESS SALE
US private equity firm Great Hill Partners has bought Reward Gateway, a British software firm which helps companies to reward their staff.
Reward Gateway was owned by Inflexion Private Equity but the firm chose to sell to the US company in the end, but there was significant levels of interest from trade buyers too.
Glenn Elliot, chief executive and founder of Reward Gateway, told Reuters that Reward Gateway was the clear choice, noting that they stood out from a number of potential purchasers and investors due to their technological expertise, understanding of the human resources sector and US presence.
He added: “They got us straight away; they understand the opportunity.”
There is also a good chance that Great Hill will help the company to target new markets and expand into areas such as Latin America.
The business sale values Reward Gateway at £140 million. Because the management and employees in the firm hold a 40 per cent stake, they will receive a windfall that will see all of the 269 employees below board level take a share of around £6.5 million.
Mr Elliot told the news source that he plans to stay with the business after increasing his own stake to around 28 per cent.
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