UK-based Perkbox has acquired another London-based startup Loyalty Bay, which offers a SaaS platform for the automated delivery of digital rewards.
Though the terms of the deal haven't been disclosed, according to TechCrunch that first reported the news, it was cash and Loyalty Bay’s backers have exited.
“We are seeing a huge growth in reward spend from customers who want to reward employees for certain behaviour or performance. This is where we are plugging the Loyalty Bay digital reward technology into our core employee engagement product,” Perkbox co-founder and CEO Saurav Chopra told TechCrunch. “Loyalty Bay helps us scale this customer engagement/reward technology and we can support many more use cases like rewarding customers for certain events like contract renewal and other surprise and delight use cases,” he added.
Founded by William Roberts and Alex Farquhar in 2014, Loyalty Bay uses data and rewards (such as gift cards, incentives etc) to incentivize any action (i.e. sale, signup, referral, reduce churn) on a website to increase conversions. The startup raised a $1 million round in August 2015 led by Talis Capital with Howzat Partners, NEON Adventures, Chris Mairs and Richard Verney participating.
The software easily integrates with existing CRM of any business and Customer feedback system to make sure that the right personalized reward is being directed to the right customer at the right time. Currently, Financial Times, Boundless, Compare the Market are its major clients along with several others.