Toronto-based Achievers, a software company that offers employee voice and recognition solutions to businesses, has acquired TemboSocial, a Canadian software startup that develops employee recognition and feedback solutions.
Achievers recently spun out from BlackHawk as a separate entity, co-owned by Silver Lake and P2 Capital Partners.
The purchase price of the deal was not disclosed. Achievers said the acquisition of TemboSocial extends Achievers’ employee engagement solution with additional tools and surveys, forms, quizzes, and polls in one platform.
Achievers’ CEO, Jeff Cates, told BetaKit as part of the deal, TemboSocial’s team has been integrated into Achievers’.
“We’re delivering a system that enables all data to stay together in streamlined, easy-to-use workflows, where our customers can activate employee participation and drive engagement in a single platform,” Cates said. “We found the perfect complement to our suite of offerings, TemboSocial, a leader in employee feedback solutions already serving premiere enterprise customers.”
Achievers was founded in 2002 by Razor Suleman, who now heads up Elevate Tech Festival. Previously called I Love Rewards, Achievers’ software is intended to use data to encourage behaviours that drive employee engagement, foster culture, and accelerate performance.
Achievers was acquired by United States-based FinTech firm BlackHawk Networks in 2015 for $150 million CAD. In 2018, BlackHawk went from a public company to a private company acquired by private equity firm Silver Lake and New York-based hedge fund P2 Capital Partners in a deal worth about $3.5 billion.
Cates told BetaKit Achievers recently spun out from BlackHawk as a separate entity, and is now co-owned by Silver Lake and P2 Capital Partners as part of the corporate ownership restructuring. Cates said Silver Lake’s knowledge of inorganic growth helped Achievers with the acquisition of TemboSocial.
“We are pleased to have the strong backing of Silver Lake and P2 Capital Partners,” said Cates. “Our goal is to revolutionize the employee experience. With our recent reorganization, the momentum to further drive innovation and accelerate investment in the Achievers Employee Engagement Platform has just begun.”
TemboSocial, also founded in 2002, offers four key products, an employee recognition program, employee feedback surveys, collaboration sessions through employee portals, and social software that offers comments and ratings.
Image source Unsplash. Photo by Annie Spratt.