Employee experience technology company, REFFIND (ASX:RFN), has acquired global employee peer recognition and rewards company, WooBoard. WooBoard is used internally by companies to allow employees to send recognition and share updates instantly using a gamified, social Cloud-based platform.
The transaction provides immediate entry into the US market for REFFIND, where WooBoard has more than 10 clients including MetLife and Ultra Mobile.
The consideration for the acquisition is entirely in REFFIND scrip, therefore conserving cash for REFFIND’s further expansion plans. It consists of two components – $1.25 million of REFFIND scrip issued six months following completion of the acquisition; and an earn-out of between 900,000 and 2.9 million REFFIND shares (assessed on a sliding scale 12 months from completion and is dependent on WooBoard achieving set revenue milestones).
REFFIND co-founder and managing director, Jamie Pride, said the social and gamified nature of WooBoard is expected to intensify the use of the entire REFFIND platform and it fits seamlessly with its current products and desire to address the widespread issue of lacking employee engagement.
Pride claimed WooBoard’s network of existing clients and leads will provide an opportunity for REFFIND’s sales team to cross-sell its existing products, while conversely offering WooBoard to current REFFIND clients.
REFFIND will develop WooBoard into a fully mobile technology, operating within the same app as REFFIND’s other product offerings. The new product will be known as Embrace within the REFFIND offering, joining its Employ, Engage and Educate products.
“This deal is transformational for REFFIND as it provides an immediate global presence including within the pivotal US market. We’ve been familiar with the WooBoard business for some time and it complements our existing products and further positions us to provide great employee experiences,” he said.
WooBoard chairman and Pollenizer co-founder, Mick Liubinskas, will join the board of REFFIND as a non-executive director as part of the acquisition.
“This focus on the employee experience fits with the ethos of REFFIND. WooBoard will complement the overall product offering nicely, as companies look to employ talent, engage with them, educate them further and recognise their achievements in the workplace.”
“We look forward to working with him, along with the wider WooBoard team, to grow REFFIND into the dominant global force in mobile employee communication,” he added.