M&A Deal Summary

Edenred Acquires Reward Gateway

On May 16, 2023, Edenred acquired internet software and services company Reward Gateway from ABRY Partners and Castik Capital for 1.2B GBP

Acquisition Highlights
  • This is Edenred’s 5th transaction in the Internet Software and Services sector.
  • This is Edenred’s largest (disclosed) transaction.
  • This is Edenred’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2023-05-16
Target Reward Gateway
Sector Internet Software and Services
Buyer(s) Edenred
Sellers(s) ABRY Partners
Castik Capital
Deal Type Add-on Acquisition
Deal Value 1.2B GBP

Target

Reward Gateway

London, United Kingdom
Reward Gateway offers a leading SaaS employee engagement platform that centralizes employee reward and recognition, discounts, communications, surveys, wellbeing, and flexible benefits. Its strategic products support companies with today’s most difficult people challenges, such as the digitization of the workplace, attracting and retaining talent, aligning and supporting remote workforces, and handling complex cultural issues. Reward Gateway was formed in 2006 and is based in London.

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Buyer(S) 1

Buyer

Edenred

Issy-les-Moulineaux, France
Category Company
Founded 1954
Sector Business Services
Employees11,008
Revenue 2.5B EUR (2023)
DESCRIPTION

Edenred is engaged in prepaid corporate services, designs and manages solutions that improve the efficiency of organizations and purchasing power to individuals. Edenred was founded in 1954 and is based in Issy-les-Moulineaux, France.

DEAL STATS #
Overall 19 of 19
Sector (Internet Software and Services) 5 of 5
Type (Add-on Acquisition) 13 of 13
Country (United Kingdom) 1 of 1
Year (2023) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-20 GoIntegro

Ciudad de Buenos Aires, Argentina

GoIntegro is a human resource SaaS provider to businesses in Latin America. GoIntegro creates loyalty programs to help businesses develop relationships with employees, channel partners, and customers, improving their engagement, motivation and performance. GoIntegro’s platform combines software delivered as a service and transactional systems, to create valuable relationships between a company and its employees, customers, trade channels and sale forces. GoIntegro was founded in 2002 and is based in Ciudad de Buenos Aires, Argentina.

Buy -

Seller(S) 2

SELLER

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 98 of 103
Sector (Internet Software and Services) 10 of 10
Type (Add-on Acquisition) 50 of 53
Country (United Kingdom) 5 of 7
Year (2023) 1 of 2
Size (of disclosed) 5 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-01 Ascend Healthcare

Chandler, Arizona, United States

Ascend Healthcare is a provider of outsourced telepsychiatry and related behavioral health services. Ascend specializes in partnering with Federally Qualified Health Centers (“FQHCs”) to provide psychiatric medication management, counseling services and psychiatric consultation services. Ascend Healthcare is based in Chandler, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-23 Socius

San Francisco, California, United States

Socius is a property/casualty and management liability wholesale broker based in San Francisco, with regional offices in Los Angeles; Elgin, IL; Birmingham, AL; Austin, TX; Tampa and Miami, FL; Philadelphia; and Summit, NJ. Socius specializes in D&O, E&O, EPL, Cyber, Property & Casualty, and Umbrella coverages. Socius was founded in 1997 and is based in San Francisco, California.

Sell -
SELLER

Castik Capital

Investor

Category Private Equity Firm
Founded 2014
PE ASSETS 1.3B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Castik Capital Partners advises Luxembourg based Castik Capital, the manager of the EPIC Funds. Castik seeks public and private investment opportunities throughout Europe where the Firm can commit €100 to €300 million per transaction. Castik was formed in 2014 and is based in Luxembourg.

DEAL STATS #
Overall 6 of 6
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 2 of 2
Year (2023) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-18 ARTUS

Isernhagen, Germany

ARTUS is a damage reorganizer in the field of fire, water, and elemental damage as well as consequential damage. ARTUS was formed in 2012 and is based in Isernhagen, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-28 ParaDIGMA

Nieuwegein, Netherlands

ParaDIGMA is a fast-growing group of companies operating in the field of sustainable employability. Its occupational health and safety services provider argo advises takes a unique approach to absenteeism, leading to progressive and highly effective absenteeism and health policies within organizations. The group also offers psychological interventions, outplacement and reintegration, labor research and advice, and business training. ParaDIGMA is based in Nieuwegein, Netherlands.

Buy -
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