Bellevue-based employee-engagement technology firm Limeade has raised nearly $69 million through an initial public offering of securities on the Australian Securities Exchange (ASX:LME).
The money raised through the company’s IPO will allow it to invest in its platform and help it to propel growth in both the United States and internationally. Limeade currently serves some 175 companies in 100 countries and claims its platform has more than 2.4 million users.
Limeade’s employee-engagement software is focused on helping companies attract and retain employees and boost productivity by improving company culture and communication. The sector it serves also is referred to as the "employee-experience" market.
“The employee-experience market is expanding but we believe often fails to deliver what large orgs and their people want and need,” says Henry Albrecht, Limeade founder and chief executive officer. “Limeade is perfectly positioned to provide the key elements of employee experience through a unified mobile-first platform on a global scale, through the lens of care.”
Albrecht, who founded Limeade in 2006, says the ASX is a respected global exchange that is “ideal for high-growth global SaaS companies like Xero, Appen, Wisetech, Fineos and now Limeade,” With the completion of the IPO, Albrecht now owns 16.5% of Limeade, according to the company.
“[ASX] also is gaining notoriety with the launch of an ‘Aussie Nasdaq’ ― a new S&P technology index created to help investors track the exchange’s booming tech stocks,” Albrecht adds. “Further, ASX companies are valued for delivering results, and as an organically-grown company with high-quality recurring revenue, Limeade embraces that.”
Human-capital technology analyst Bret Starr projects that the global market for employee-engagement software and services will grow by 20% in 2020 and by 25% per year from 2021-2023. Limeade says its customers have reported three-times lower turnover for employees utilizing their programs, and surveys show that 85% of Limeade users feel engaged at work.
Limeade has made Seattle Business magazines Best Companies to Work For list six times since 2013, including the most recent 2019 ranking. Moelis Australia Advisory Pty Ltd and Macquarie Capital (Australia) Ltd. acted as joint underwriters, lead managers and bookrunners for Limeade’s IPO.
The company notes that the securities it is offering on the ASX exchange have not been registered under the U.S. Securities Act and may not be offered or sold in the United States or to U.S. persons absent registration or an exemption from registration under applicable federal and state securities laws.