Edenred Acquires Reward Gateway

May 16, 2023

Edenred has agreed to acquire 100% of Reward Gateway from funds managed by Abry Partners and Castik Capital for £1.15bn, valuing the employee engagement SaaS at ~20x EV/EBITDA (2023e). The acquisition expands Edenred’s employee benefits and engagement capabilities and extends Reward Gateway’s footprint in the UK, Australia and the US; Reward Gateway is expected to be consolidated immediately on closing and the deal is financed by debt and cash.

Buyers
Edenred
Targets
Reward Gateway
Sellers
Abry Partners, Castik Capital
Industry
Cloud & SaaS
Location
England, United Kingdom
Transaction Type
Buyout

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