Venture capital firm Maven has rolled its portfolio company Hive HR into employee engagement platform WorkBuzz through a share-for-share exchange.
Maven will retain an equity stake in the enlarged group following the deal. Hive HR, which develops cloud-based feedback software, has grown its revenues three-fold since Maven’s initial investment in 2019.
The transaction combines Hive HR’s technology and customer base with WorkBuzz’s operational scale. Maven identified WorkBuzz as a strategic acquirer to support the next phase of growth for the platform.
David Nixon, investment director at Maven, said: “Since our initial investment in 2019, Hive has tripled revenues and established a strong position in the employee engagement market, WorkBuzz is the right partner for its next chapter. We are delighted to become a shareholder in WorkBuzz and look forward to the success of the enlarged group.”
Matthew Jenkins, chairman of Hive HR, added: “Maven has been an active and constructive partner throughout Hive’s development. Their support has gone well beyond capital, providing strategic input as the business grew and helping us find the right partner for its next phase. Joining forces with WorkBuzz creates exciting new opportunities for our customers, our people and the wider business.”
