ParkerGale is backing CultureIQ, which has agreed to buy CEB’s Workforce Surveys & Analytics (WS&A). Gartner is selling WS&A, while CultureIQ’s investors include Pritzker Group Venture Capital, Lerer Hippeau Ventures and Founder Collective. Financial terms were not announced. CultureIQ, of New York, provides management software. WS&A supplies insights and analytics supporting corporate strategic planning and business outcomes. ParkerGale will own a majority of the combined business which will retain the CultureIQ name.
NEW YORK–(BUSINESS WIRE)—CultureIQ announced today it has reached an agreement to merge with CEB’s Workforce Surveys & Analytics (WS&A) division, which is being divested from Gartner. WS&A will be acquired from Gartner with the financial support of technology-focused private equity firm ParkerGale Capital.
“This is an exciting combination of two great companies. One with strong, modern technology and one with decades of expertise and intellectual property. WS&A is the recognized industry leader working with some of the largest companies in the world and we are excited to join forces,” said CultureIQ CEO Greg Besner, who will be the CEO of the combined business.
CultureIQ was founded by Mr. Besner in 2013 as a software-as-a-service disrupter in the traditional employee culture and engagement survey industry. WS&A came together through Corporate Executive Board’s acquisitions of Valtera and Genesee Surveys. ParkerGale, having used CultureIQ’s products across its portfolio companies for several years, brought the idea of merging the companies earlier this year and financed the transaction along with CultureIQ’s existing investors.
“We think this is exactly what the market is looking for – a high tech and high touch approach to employee engagement,” commented Devin Mathews, Partner at ParkerGale. “From our industry research, we know there is a huge market without a clear leader. Companies are updating the old ways of surveying employees for feedback and are now listening deeply to their employees using technology and fostering engagement through action plans built on decades of benchmarking and best practices. The combination of CultureIQ and WS&A creates the clear leader the industry has been seeking.”
The new company will operate under the CultureIQ brand and will be the premiere provider of culture and engagement solutions for companies of all sizes. With strong talent, shared values, and a customer-focused approach, the focus will be to invest in areas of growth, while preserving the best of both organizations.
“Combining WS&A’s nearly 50 years of deep expertise in the survey and talent analytics space with CultureIQ’s innovative platform is an exciting proposition for our team and will allow us to bring even greater value to our clients,” added Karen Barbera, Head of Delivery at WS&A.
The transaction is expected to close in the first half of this year and is subject to customary closing conditions.
CultureIQ helps you leverage employee feedback to measure, understand, and strengthen your culture. Its flexible surveys, intuitive analytics and seasoned strategy team provide unprecedented insight into your organizational culture—plus guidance on where to focus to drive meaningful change. With CultureIQ, you can collect and understand the right data on an ongoing basis, pinpoint opportunities across employee demographic groups, and align your culture with your business strategy. For more information, visit www.cultureiq.com or follow us on Twitter at @CultureIQ.
About CEB Workforce Surveys & Analytics (WS&A)
One of the leading providers of insights and analytics supporting corporate strategic planning and business outcomes via an enterprise-class, tech-enabled workforce survey and analytics platform. WS&A drives results for corporations globally by aligning employees’ engagement with corporate strategy and enabling organizational change.
The business has developed significant IP including a compelling and robust set of benchmarks and the deepest best practices database in the industry. WS&A’s team of I/O psychologists design and deliver workforce surveys to generate insights and actionable intelligence key to delivering on critical business outcomes to help organizations achieve competitive advantage.
About ParkerGale Capital
ParkerGale Capital is a small private equity fund based in Chicago that buys profitable, founder-owned technology companies and corporate carve-outs where the firm’s operating resources can have a meaningful impact on the outcome. ParkerGale also hosts the private equity industry’s only podcast, the PEFunCast on iTunes and Google Play. For more information, please visit www.parkergale.com