RSM advises on sale of leading employee engagement and benefits platform provider
RSM has advised leading, independent employee engagement and benefits platform provider, Caboodle, on its sale to Access People, a division of The Access Group, a leading provider of business management software to mid-market organisations across the UK, Ireland and Asia Pacific.
Founded by Catherine Bennett in 2009, Caboodle provides its market leading platform to support organisations in rewarding, recognising and retaining their workforce. The company operates out of its head office in Sandbach and services over 500,000 employees with its platform offering one of the widest ranges of benefit schemes on the market.
The Access Group offers business management support to more than 60,000 organisations across the UK, Ireland, Australia, New Zealand, Singapore and Malaysia. The sale of Caboodle to Access People will support the division’s growing range of HR services. The acquisition is subject to regulatory approval from the FCA and is expected to be completed in the coming months.
The RSM deal team was led by corporate finance partner Nick Wyatt, with support from Clare Martin, Alyssia Kaczmarczyk and Joseph Stiles. RSM’s transaction services team provided additional sell side support led by John Price, with support from Michael Deignan and Daniel Watt.
Nick Wyatt, corporate finance partner at RSM UK, said: ‘The last two years has seen a rapid growth in the demand for technology across all organisations particularly when it comes to engaging with and rewarding employees. This strategic transaction has brought together two closely aligned businesses and will allow them to continue to provide a market leading service and product to their clients. It’s great to advise on another software transaction that supports future growth for an ambitious tech business like Caboodle.’
Charles Butterworth, managing director at Access People, commented: ‘The need to reward and recognise employees to aid retention of valued employees is now more important than ever before. Employee needs are shifting, especially with the rising cost of living – so providing money saving benefits that are accessible at any time is essential. We’re delighted to welcome Caboodle as the latest acquisition to the Access Group, allowing Access People to expand its range of HR services.’
Catherine Bennett, managing director and founder of Caboodle, said: ‘At Caboodle we’ve always taken a proactive approach in looking for new ways to support our clients and enhance the services we offer. I’m really excited about our next chapter and the opportunities that being part of the Access People will bring. Together we’ll be able to invest and develop software that will provide businesses with a more comprehensive and seamless HR service.’