Boston private equity firm Great Hill Partners LP said it will buy human resources software provider Reward Gateway from Inflexion Private Equity in a £140million ($217.6 million) deal from London rival Inflexion Private Equity.
Reward Gateway, founded in 2006, provides employee benefits along with other staff-related communications and claims $295 million in annual revenue. Some of its clients include Comcast Corp. (Nasdaq: CMCSA), Caterpillar Inc. (NYSE: CAT) and Discovery Channel. Reward Gateway plans to use the capital to expand in the U.S. and Australia.
Inflexion invested $39.8 million in December 2010. Reward Gateway’s management is investing alongside Great Hill, increasing management’s stake in the company from 40 percent to 45 percent.
Inflexion’s “backing has enabled us to invest heavily in expanding the services we provide to HR and scale the business internationally,” says Reward Gateway CEO Glenn Elliott.