Employee well-being technology company Limeade has agreed to acquire TINYPulse, a startup specializing in quick employee surveys, bringing together two Seattle-area companies focused on using technology to create better workplaces.
Limeade, based in Bellevue, Wash., and traded on the Australian stock market, is acquiring Seattle-based TINYPulse for $8.8 million in cash, the companies announced Monday afternoon. The deal includes the possibility of additional payments based on the performance of the TINYPulse business over 18 months.
TINYPulse, led by CEO David Niu, was founded in 2012 and raised a total of $9.5 million in funding, at a valuation of $70 million in its most recent funding round in 2015, according to data collected by venture capital database PitchBook.
TINYPulse posted $6.5 million in revenue in its 2020 fiscal year with an adjusted loss of $1.2 million in earnings before interest, taxes, depreciation and amortization, according to the Limeade acquisition announcement.
“Limeade and TINYpulse are two Seattle-area companies focused upon shaping the future of work,” said David Niu, TINYpulse Founder and CEO, in a statement. “The entire TINYpulse team is thrilled to unite and bring our powerful listening capabilities to the most important thing of all: employee well-being.”
Limeade CEO Henry Albrecht said in a statement that the addition of TINYPulse will help the company “deliver the next-generation employee well-being solution that fits seamlessly into people’s daily work.”
The broader market for employee experience has been booming due in part to the trends sparked by the COVID-19 pandemic, as companies look assess and improve the productivity, job satisfaction, engagement, and overall health and well-being of their employees.