Edenred extends its Employee Benefits solutions by acquiring leading platform Reward Gateway


Edenred, a leading digital platform for services and payments and worldwide leader in
Employee Benefits, announces the acquisition of 100% of the share capital of Reward Gateway,
a leading Employee Engagement platform with strong positions in the UK and in Australia, and
also present in the United States. Reward Gateway offers a unified suite of solutions ranging
from employee savings, rewards & recognition to well-being and corporate social animation,
empowering Human Resources departments to build the right combination of engagement
Reward Gateway is a fast-growing company that has successfully built a strong, highly
profitable and sustainable business model. This acquisition, amounting to £1.15bn (1) and valuing
Reward Gateway at 20x EV/EBITDA 23e (2), marks a major milestone in Edenred’s Beyond 22-25
strategic plan. By consolidating Reward Gateway’s strong leading positions and extending its
geographical scope in selected key countries, Edenred will accelerate the strengthening of its
Employee Benefits value proposition in line with its mission to be the most trusted global
Employee Benefits & Engagement platform.
Bertrand Dumazy, Chairman and CEO at Edenred, said: “We are pleased to announce the
acquisition of Reward Gateway and are looking forward to welcoming their teams in the
Edenred world. By integrating this leading employee engagement platform, we are
substantially extending our employee benefits offer to provide HR managers with a
comprehensive range of solutions helping them make their organization more attractive to
talents. While Reward Gateway is bringing us leading positions in the UK and in Australia, as well
as a promising presence in the US market, we will be looking at scaling Reward Gateway
outside of its current footprint in selected key countries. With a business model based on an
efficient and fully scalable SaaS (3) platform, Reward Gateway has been consistently delivering
strong double-digit growth and high margins. The combination of our people, our solutions, our
customer bases and our technologies offers high potential for synergies. This acquisition is a
unique opportunity for Edenred to accelerate on the implementation of its Beyond strategy. A
decisive move matching our mission to be the most trusted global employee benefits and
engagement platform.”
Nick Burns, CEO at Reward Gateway, said: “We are extremely proud to join Edenred. The
combination of Reward Gateway’s operations and technology with Edenred’s position as a
global market leader across 1 million corporate clients in 45 countries, offers an accelerated
path to achieve our mission of ‘making the world a better place to work’. As we will aim at a
single unified platform, we will benefit from economies of scale to build tailored solutions for
specific markets. Bringing together our collective strengths, from commercial reach to product
innovation and advanced technology, will be putting us in a position to provide HR leaders
with a truly market-beating solution.”

(1) Enterprise value
(2) Post run-rate integration synergies
(3) Software as a Service