Organization Departure from Employee Engagement Platform Following Impressive Development
In a significant development, Oak Engage, a leading provider of employee engagement and intranet software based in Newcastle, has been acquired by the Manchester-based private equity firm, NorthEdge. This acquisition marks the exit of Maven Capital Partners, one of the UK's most active private equity firms, which had initially backed Oak Engage in June 2018 [1][2].
The sale is set to propel Oak Engage's growth, building upon the strong foundation laid by Maven's investment. Following a series A funding round of £7.4 million, which included over £6 million from Maven Capital Partners, Oak Engage experienced robust revenue growth and expanded its client base to include major brands like NatWest Group, Aldi, and Halfords [1][2].
Maven's exit from Oak Engage generated a 2.1 times return on investment, underscoring the transformative growth the company has achieved under Maven's guidance [1][2]. The acquisition by NorthEdge aims to further fuel Oak Engage's expansion and growth, with a focus on enhancing the company's capabilities and broadening its client base [1][4].
Oak Engage's platform is renowned for its award-winning intranet software, which utilizes AI to deliver personalized communications through a mobile app. This innovative approach helps businesses to engage and connect their workforce more effectively [2][3]. The company serves a prestigious clientele, including Aldi, NatWest, Burger King UK, Halfords, and more, demonstrating the platform's appeal to major brands seeking to improve employee engagement and communication [1][2].
With NorthEdge's support, Oak Engage is poised for accelerated growth and expansion into new markets. The company's growth strategy involves leveraging its well-invested platform to capitalize on the increasing demand for employee engagement tools among medium to enterprise-sized businesses [1][2].
Michael Vassallo, Investment Partner at Maven, expressed his satisfaction with the partnership, stating that it had been productive and rewarding [3]. During the sale process, Oak Engage was advised by ICON Corporate Finance (Corporate Finance) and Weightmans (Legals) [1].
In summary, the sale of Oak Engage to NorthEdge represents a significant milestone in the company's journey, providing a platform for further growth and expansion in the employee engagement sector. The Maven portfolio exit of Oak Engage reflects strong growth performance, and the partnership with Maven has provided strategic direction and support, enabling the company to scale operations, enhance technology, and extend its international reach. Oak Engage continues its mission to redefine employee engagement for businesses worldwide.
The sale of Oak Engage to NorthEdge is expected to boost its growth in the finance and technology sectors, building on the strong foundation laid by Maven Capital Partners' investment. With this acquisition, Oak Engage's innovative AI-powered intranet software, which caters to major brands like NatWest Group and Aldi, will now be backed by the resources of ffnews.com, a noted private equity firm.
