Intermediate Capital Group has acquired a minority stake in Dublin, Ireland and Framingham, Massachusetts-based Workhuman, a social recognition and continuous performance management platform. The deal puts Workhuman at a valuation of $1.2 billion. Morgan Stanley was the financial advisor to Workhuman on the transaction.
FRAMINGHAM, Mass. & DUBLIN–(BUSINESS WIRE)–Workhuman®, the world’s fastest-growing social recognition and continuous performance management platform, has announced that London-based alternative asset manager Intermediate Capital Group (ICG) has become an investor in the organization, as part of its European investment strategy, acquiring a minority stake in the company from existing shareholders. Morgan Stanley & Co. LLC acted as exclusive financial advisor to Workhuman in a highly competitive process. The transaction values Workhuman at $1.2 billion.
In the first half of 2020, Workhuman has furthered its mission of unlocking the business impact of human connection in the workplace, particularly as many organizations have instituted work-from-home protocols during the COVID-19 pandemic. The latest version of Workhuman’s suite of human applications adds new technology innovations and introduced Moodtracker™, an always-free voice of employee solution that focuses on making real changes within organizations. In addition, Workhuman began offering special editions of two of its Workhuman Cloud products – Life Events® and Conversations® – free for any organization to use through March 2021. In the first half of the year, more than 300,000 employees have started taking advantage of Workhuman’s Social Recognition and Life Events offerings.
“We are excited to welcome ICG as a strategic investor, while providing liquidity to some of Workhuman’s earliest supporters,” said Eric Mosley, Workhuman co-founder and CEO. “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. Our continued double-digit growth and ongoing business momentum is a sign that organizations are craving a way to build better relationships and foster trust with their employees, no matter where they are.”
“Workhuman is a truly unique HR platform provider that we are excited to be in partnership with,” said Benoit Durteste, CIO and CEO of ICG. “The business’s historic performance is testament to the results it delivers for clients and their employees, reaching organizations in more than 160 countries. In the past couple years, and even more so as a result of the COVID-19 pandemic, organizations have begun to realize the power and value of their people and have been forced to innovate and thrive in new ways. Workhuman provides them with progressive tools to understand, engage with and better utilize their employees in ways they never could before.”
As part of Workhuman’s strategy to drive growth, three accomplished executives have recently joined the company’s leadership team. Chris DeMeo, formerly of Staples, took the role of VP of Customer Marketing; Dr. Patti Fletcher, who comes from SAP SuccessFactors, joins as VP of Brand Marketing; and Jason Griggs, previously at Workday, takes the reins as SVP of Global Sales.
For more information about Workhuman, please visit www.workhuman.com.
Workhuman® helps forward-thinking companies energize their cultures, unlock their employees’ passion and potential, and unite their workforce around a shared purpose. As the world’s fastest-growing social recognition and continuous performance management platform, our mission is to lead the movement to celebrate the power of humanity in the workplace through gratitude and peer-to-peer recognition. Workhuman® Cloud, a suite of human applications, uncovers provocative workplace data and human insights, delivering tangible results powered by our core belief — that the more motivated and valued employees are, the more they can perform the best work of their lives. Workhuman was founded in 1999 and is co-headquartered in Dublin, Ireland and Framingham, Mass.
ICG is a global alternative asset manager with over 30 years’ history. We manage €45.3bn of assets in private debt, credit and equity, principally in closed-end funds. We provide capital to help companies grow through private and public markets, developing long-term relationships with our business partners to deliver value for shareholders, clients and employees. We operate across four asset classes – corporate, capital market, real asset and secondary investments. In addition to growing existing strategies, we are committed to innovation and pioneering new strategies across these asset classes where the market opportunity exists. ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at: www.icgam.com. You can follow ICG on LinkedIn.