Reward Gateway

Reward Gateway

Type Private
Founded 2006
Headquarters London, United Kingdom
Area served USA, UK, Australia & Ireland
Founder(s) Glenn Elliott & Christopher Whitcombe
Key people Glenn Elliott, CEO
Industry Software
Products SmartHub®
Revenue $285 million (2014) [1]
Owner Great Hill Partners
Employees 300
Parent International Benefits Holdings Ltd[2]
Website www.rewardgateway.com
Available in English

Reward Gateway is a provider of mobile optimised, SaaS employee engagement software used by corporate HR departments to attract, engage and retain their talent. The company services employees of over 1,100 clients worldwide.[3]

History

Reward Gateway was founded in 2006 by British software entrepreneur Glenn Elliott. Elliott used the money he received from the sale of digital marketing company N1 Creative to finance the startup. Reward Gateway was originally created to provide a new approach to employee discounts and later expanded into wider benefits, reward programmes and employee communications. Through an employer funded business model, the service allowed employees access to the highest available discounts on everyday retailers delivering high employee engagement and ROI for employers. Elliott sold the company in 2010 for £25.5 million to Inflexion Private Equity, although Elliott retained a 25% stake in the company as well as control over day-to-day operations.[4] In July 2015 Inflexion sold their stake in the business to Boston-based Great Hill Partners for £140m, generating a 7.7x return on their investment.[5]

As the business evolved Reward Gateway continued to increase its product offering to include salary sacrifice, employee recognition, total reward statements and holiday trading products, all built using Reward Gateways in-house technology to maintain complete control of the user experience and the high level of service offered to clients. In 2014 Reward Gateway launched a new product, SmartHub® allowing clients to provide a more balanced view of all their benefits and reward information to their staff by hosting it all in one place.[6]

Following the investment by Great Hill, the company announced a new USA HQ would be opened based in Boston[7] .

Business overview

The company began as an employee discount service called Reward Gateway, the largest discounted employee shopping programme in the UK.[8] In the programs it provides, income from retail firms is passed to their employees in the form of discounts, rebates and cashback on other companies' products and services.[9] The firm has won a number of industry awards and received industry press for some of its initiatives.[10][11][12]

It also administers UK government approved Childcare Vouchers and Cycle to Work programmes. In 2010 it added a Reward & Recognition service to the product offering.[13]

In 2009 the company became the first UK benefits provider to attain ISO27001 accreditation for information security.[14] Reward Gateway acquired "Bringme" from Lloyds TSB Bank plc in October 2007[15] in a deal which added 200,000 employees to Reward Gateway's reach.[16] On 1 December 2010, the company was acquired by Inflexion Private Equity for £25.5m[17][18][19][20]

In March 2014 Reward Gateway acquired the user-centered software house Dazines adding 30 additional software engineers to the company.[21]

One year later, in March 2015, Reward Gateway expanded its Australian business with the acquisition of the employee benefits business from API Leisure & Lifestyle Ltd, Australia's oldest employee and member benefits company.[22] In 2015, Great Hill Partners acquired Reward Gateway for £140m.[23]

Until 2013 the company was known in the UK as Asperity Employee Benefits.[24]

Awards

Between 2008 and 2011, the company was the 2nd fastest growing technology company in the UK, as listed by the Sunday Times Tech Track 2011.[25] In 2012, it was the 9th fastest growing technology company in Europe, as rated in the GP Bullhound Media Momentum Top 50.[26] In 2011, the company won both the NatWest Fast Growth Business of the Year and the Service Business of the Year in the Fast Growth Business Awards published by Growing Business Magazine.[27] In 2015, the company was shortlisted for Project of the Year Award at 2015 Employee Engagement Awards.[28]

References

  1. ↑ http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12442119.html
  2. ↑ https://www.crunchbase.com/organization/reward-gateway
  3. ↑ Reward Gateway on Crunchbase.com
  4. ↑ Inflexion in £25.5m buyout of Asperity City AM
  5. ↑ Inflexion scores 7.7x on £140m Reward Gateway exit Unquote Magazine, Incisive Media
  6. ↑ The era of bespoke engagementHomeFeatures HC Mag
  7. ↑ Following buyout, British HR tech firm to open Boston office Boston Business Journal, American City Business Journals
  8. ↑ Asperity launches revamped discount scheme Training Zone, Soft media
  9. ↑ Skapinker, Michael. "Why can employees not re-sell their iPhones?". FT.com. Financial Times. Retrieved 19 March 2012.
  10. ↑ David, Woods. "A&N Media Group boosts take-up of new benefits scheme with chance to win an Apple iPad". HR Magazine. Retrieved 18 February 2012.
  11. ↑ David, Woods. "Use of scratch cards to raise awareness of Ladbrokes' employee benefits has doubled engagement levels". HR Magazine. Retrieved 18 February 2012.
  12. ↑ David, Woods. "Employee spend on the McDonald's staff discount scheme tops 2 million". HR Magazine. Retrieved 18 February 2012.
  13. ↑ "Asperity offers fast track to deliver reward". Employee Benefits Magazine. Retrieved February 19, 2013.
  14. ↑ "Asperity becomes first to achieve ISO27001 security standard". Personnel Today. Retrieved 18 February 2012.
  15. ↑ "Asperity acquires Bringme from Lloyds TSB Bank plc". Employee Benefits Magazine. Retrieved February 19, 2013.
  16. ↑ "Lloyds TSB sells Bringme business". Professional Pensions Magazine. Retrieved February 19, 2013.
  17. ↑ "Inflexion backs Asperity MBO". Real Deals Magazine. Retrieved February 19, 2013.
  18. ↑ "Inflexion invests". Asperity Employee Benefits. Retrieved February 19, 2013.
  19. ↑ "Lessons Learnt with Asperity MD Glenn Elliott.". Rainmaker Magazine (Clearwater Corporate Finance) (Autumn): 10–11. 2011. Retrieved 25 February 2012.
  20. ↑ "Inflexion in £25.5m buyout of Asperity". City AM. December 3, 2010. Retrieved February 19, 2013.
  21. ↑ "Company Overview of Reward Gateway". Bloomberg Business Week. July 28, 2014. Retrieved July 28, 2014.
  22. ↑ "Inflexion’s Reward Gateway Expands Abroad Ahead of Sale". Dow Jones eFinancial News. March 24, 2015.
  23. ↑ http://www.ibtimes.co.in/glenn-elliott-ceo-who-shared-6-5m-with-staff-gives-his-tips-to-keep-employees-happy-641794
  24. ↑ Jennifer Paterson (September 24, 2013). "Asperity to rebrand as Reward Gateway". Employee Benefits. Retrieved November 21, 2013.
  25. ↑ "2011 Sunday Times Tech Track". Retrieved February 19, 2013.
  26. ↑ "GP Bullhound Media Momentum Top 50" (PDF). GP Bullhound. Retrieved 17 May 2012.
  27. ↑ "NatWest Fast Growth Business of the Year". Growing Business Magazine. Retrieved February 19, 2013.
  28. ↑ "Employee Engagement Awards 2015 UK Finalists". Employee Engagement Awards. Retrieved 7 January 2016.

External links

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