May 20 (Reuters) - Employee-rewards platform Awardco said on Tuesday it has raised $165 million in a funding round led by investment firms Sixth Street Growth and Spectrum Equity, pushing its valuation to more than $1 billion.
Existing investors General Catalyst and Qualtrics' co-founder Ryan Smith also participated in the series B round.
WHY IT IS IMPORTANT
The investment marks a step up from the Utah-based company's $900 million valuation in 2021, when it had raised $65 million in one of the largest series A rounds in the HR software as a service (SaaS) sector.
With the fresh capital infusion, Awardco aims to broaden its rewards and recognition platform with additional solutions for employee engagement and performance, leverage AI to gain deeper workforce insights and automation, improve integration with HR information systems and scale its global infrastructure.
CONTEXT
Awardco allows companies to move beyond traditional compensation by offering recognition, rewards and professional development options to employees.
Its clients include U.S. telecom giant AT&T T.N and Photoshop maker Adobe ADBE.O.
BY THE NUMBERS
The company has grown to more than six million users across 163 countries and offers over 300 million reward options.
(Reporting by Priyanka.G in Bengaluru; Editing by Shilpi Majumdar)
((Priyanka.g@thomsonreuters.com))
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