Three weeks ago Silicon Valley based Blackhawk Network announced that it was acquiring Toronto-born Achievers.
Yesterday the $137 Million all-cash transaction was completed after market close.
Achievers is a leading provider of employee recognition and rewards solutions designed to help companies increase employee engagement.
Blackhawk is a leading prepaid and payments network. The acquisition will broaden the reach of Blackhawk’s already extensive incentive and engagement business.
Achievers was founded in 2002 by Razor Suleman.
Originally called I Love Rewards, Suleman bootstrapped his company for the first five years of its existence. In 2007, Achievers raised its Series A, followed by a Series B round in 2009. In 2011, Sequoia Capital led $24.5 million in a Series C financing which brought their total funding to about $48 million.
As part of that Sequoia financing announcement Achievers relocated their North American headquarters from Toronto to San Francisco.
Achievers’ Employee Success Platform is a cloud-based platform designed to increase employee engagement and drive business success through social recognition and rewards. The Employee Success Platform delivered more than seven million employee recognitions in 2014 and has fulfillment capabilities in more than 110 countries.