ESSEX, Mass., Feb. 22, 2022 /PRNewswire/ — Essex Bay Capital today announces that it has made a growth equity investment in Divvy Engagement Solutions, a leading employee engagement software platform. Essex Bay is a lower middle market private equity firm focused on investing in technology/software, business services, medical devices/life sciences, industrial and consumer products spaces. Essex Bay looks to partner with management teams to significantly increase the size and profitability of businesses organically and through acquisitions. Divvy represents the second platform investment for Essex Bay, which launched in 2021.
Divvy is a leading provider of digital employee engagement solutions. Its software platform enables employers to reduce turnover and improve culture, through a focus on recognition, values reinforcement, and open communication. The investment allows Divvy to expand its leadership team and build-out its resources in product development, customer support, and sales. In addition, Divvy intends to expand through acquisitions of complementary businesses.
In conjunction with the transaction, Casey McCullar has joined Divvy as its CEO, with Rick McCartney (formerly CEO) continuing his leadership of the company on the Board of Directors. Casey has a strong background in product management for fast-growing SaaS companies, and prior to joining Divvy, he was General Manager for Vaisala’s Digital Lightning business unit.
Franklin Foster, Partner at Essex Bay Capital said: "Divvy has built a robust platform that is well-positioned for growth. There is a pressing need for tools that improve employee retention and company culture, particularly in remote work environments and during a period of high employee turnover. We are excited to be partnering with Casey and Rick to build a must-have solution in today’s employee engagement market."
"Casey’s extensive experience scaling digital companies will serve Divvy’s customer base well. Together with Rick McCartney’s deep domain expertise, Divvy will look to expand its product suite both organically and through acquisitions," added Yash Singh, Managing Director at Essex Bay Capital.
"We are excited to partner with Essex Bay who understands and appreciates our core values, and will support our vision for product innovation and growth," said Rick McCartney, former CEO and current Board Member.
About Essex Bay Capital Essex Bay invests in small to mid-sized private companies, partnering with management to accelerate growth. We target platform companies of $1–10M EBITDA at close, or $1–10M ARR for SaaS businesses. With 20+ years of investing experience, and 70+ completed acquisitions, our team brings more than just capital to the equation. We are long-term investors, focused on creating sustainable value. We build companies, organically and through add-on acquisitions to become market leaders. Partnership and alignment are at the core of everything we do. We pride ourselves on being transparent and supportive with resources, insight and expertise to create win-win opportunities for our partners.
About Divvy Engagement Solutions Divvy is an employee engagement, culture, rewards, and analytics platform that harnesses the power of recognition, values reinforcement, and open communication to help organizations boost engagement, reduce turnover, improve culture, and drive high performance in a digital, highly distributed work landscape. Divvy delivers analytics on culture, results, and ROI, providing non-cash and cash compensation for milestones, occasions, rewards and perks. We make work more connected and rewarding. Our white-label platform is consistent with your brand and cultivates happier employee relationships. Learn more at divvyengagement.com.
Jackie Lucas, Vera Voce Communication
SOURCE Essex Bay Capital