Irish technology company Workhuman has announced that London-based alternative asset manager, Intermediate Capital Group (ICG), has become an investor in the organisation as part of its European investment strategy.
ICG has acquiring a minority stake in the company from existing shareholders. Morgan Stanley acted as exclusive financial advisor to Workhuman in a highly competitive process. The transaction values Workhuman at $1.2 billion.
The social recognition and continuous performance management platform develops technology to make employees feel more appreciated and socially connected at work, with the aim of creating happier and more productive workplaces for some of the world’s biggest organisations including LinkedIn, Procter & Gamble, Cisco and Eaton. Over five million employees around the world are on Workhuman’s platform, across 160 countries.
In the first half of the year, more than 300,000 employees have started taking advantage of Workhuman’s Social Recognition and Life Events cloud products. The company has built out its suite of human applications with new features in existing products.
Speaking this week, Workhuman co-founder and CEO, Eric Mosley said, "We are excited to welcome ICG as a strategic investor, while providing liquidity to some of Workhuman’s earliest supporters. ICG’s support helps put us on a great path forward as we get ready for the next phase of Workhuman’s growth. If the COVID-19 pandemic has taught us anything, it’s that we all need human connection."
He added, "Our continued double-digit growth and ongoing business momentum is a sign that organisations are craving a way to build better relationships and foster trust with their employees, no matter where they are."