Susquehanna Growth Equity LLC has acquired a minority stake in Evive for $43 million. Chicago-based Evive is a provider of enterprise benefits engagement.
CHICAGO, Jan. 11, 2018 /PRNewswire/ — Evive, the leader in enterprise benefits engagement, announced today a $43 million minority-interest investment by Susquehanna Growth Equity, LLC (SGE). This funding represents the first outside investment in the company’s 10-year history.
Evive co-founders Peter Saravis and Prashant Srivastava will continue in their current roles as Executive Chairman and CEO, respectively.
The additional capital will expedite Evive’s strategy to expand across the entire benefits spectrum, including not only health but also financial and work/life benefits for large employers. In particular, the investment will accelerate product innovations, broaden the team with subject-matter experts, and advance channel investments.
“The benefits navigation space, particularly as it applies to a total-rewards approach to benefits for large employers, is expanding rapidly,” says Scott Feldman, Managing Director of SGE. “It’s clear from talking to Evive’s blue-chip roster of clients and HR thought leaders that the company is leading the way forward.”
“For a team that’s been mission-driven from day one, Evive is thrilled by what this funding will mean for our clients as we further invest in our technology platform,” says Evive CEO Prashant Srivastava. “Our clients rely on us to help solve their most pressing benefits issues, and these increasingly are best accomplished with smart and innovative technologies that extend the work Evive is already doing.”
Evive Executive Chairman Peter Saravis notes that “SGE has a proven track record of backing the long-term growth of SaaS technology companies. Given its entrepreneur-based approach to investing, the SGE team is the ideal partner for Evive’s next generation of growth.”
Evive changes how people use benefits. Integrating richly layered data sets that represent the whole person, Evive activates principles of predictive analytics and behavioral economics to inspire awareness, motivate intelligent decision-making, and obtain demonstrable outcomes. A flexible portfolio of solutions offers engagement across a range of configurations, from health to wealth to work/life. Evive’s platform-agnostic, SaaS-based services help people to improve their lives and Fortune 1000 enterprises to optimize their investments. Visit goevive.com to learn more.
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. SGE was founded in 2006 and is backed by a unique and patient source of capital, which enables the firm to give management teams and entrepreneurs freedom and flexibility to maximize growth. The firm has invested in over 40 companies and has portfolio companies across the US, Canada, EU, and Israel. To learn more, please visit us at www.sgep.com.