Jul. 2, 2015 – businessinsider Maya Kosoff: To reward their employees for their work, companies used to give out grandfather clocks and gold watches as gifts.
But Achievers, an enterprise-software company from Toronto, has a different approach to rewarding employees.
“Rewarding people for time doesn’t make the most sense — what if you could reward them for performance, for hitting their sales goals or for providing great customer service?” Achievers founder Razor Suleman told Business Insider.
Companies like Microsoft, 3M, and Samsung use Achievers’ social network-like platform to align their employees with company values, help them achieve their goals, and recognize them for their contributions. Achievers’ social-recognition feature lets employees share their accomplishments on social media and lets them rack up points that they can then cash in for tangible rewards like vacations and electronic gadgets.
On Tuesday, Suleman sold his 13-year-old company to Blackhawk Networks for $110 million in cash.
After founding Achievers in 2002 (the company used to be called I Love Rewards), Suleman bootstrapped his company for the first five years of its existence. In 2007, Achievers raised its Series A, followed by a Series B round in 2009. In 2011, Sequoia Capital’s Alfred Lin led a $25 million investment in Achievers — the storied Silicon Valley VC firm’s largest investment in HR tech at the time.
Source: How Achievers founder Razor Suleman sold his company for $110 million – Business Insider
TechVibes: Razor Suleman’s Achievers Acquired for $137 Million
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