STRIVE Accelerates its Growth Strategy to Expand Market Leadership in Employee Experience Solutions for Small and Medium Size Businesses
ESSEX, Mass., Aug. 30, 2022 /PRNewswire/ — Essex Bay Capital today announces it has made a growth investment in STRIVE, a leading employee experience solution software. Essex Bay is a lower middle market private equity firm focused on investing in software, technology hardware, and medical devices/life sciences companies. Essex Bay looks to partner with management teams to significantly increase the size and profitability of businesses organically and through acquisitions. STRIVE is the fifth investment for Essex Bay, which launched in 2021.
STRIVE is a leading provider of mobile and web-based employee experience solutions that benefit employees, employers, and industry partners across all 50 states. Its solutions drive employee engagement by providing access to information including healthcare, payroll, retirement, telehealth, and advocacy, and curating an employee-centric culture through digital forums connecting colleagues and the company.
STRIVE partners with employers and brokers in small and medium-sized businesses and offers personalized solutions, seamlessly integrated with existing platforms. The partnership will accelerate enhancements to STRIVE’s products and drive investment in customer success, sales, and marketing. In addition, STRIVE intends to expand through acquisitions of complementary businesses and become a full-service solution for a range of employee experience services including wellness, recognition and rewards, performance management, and more.
STRIVE has grown to an employee experience solutions leader under the leadership of CEO and Founder Saravanan Chettiar, who started the company in 2015. "Our team has done a phenomenal job delivering value to our broker and employer customers over the past several years, and we’re now prepared to do more. This investment will be critical for us to scale faster and expand capabilities to help employers better engage, develop and retain a high-performance workforce."
Zach Beegal, STRIVE COO, echoed, "Our partnership with Essex Bay rapidly accelerates our vision to partner with passionate leaders driven to build world-class employee-centric cultures by providing a personalized, integrated, and impactful experience – one individual at a time."
Franklin Foster, Partner at Essex Bay Capital said: "We are excited to be partnering with the STRIVE team and help refine and expand its impressive growth trajectory. We believe STRIVE’s offerings will be increasingly essential for employers looking to enhance employee engagement and increase retention in an increasingly tight and dynamic labor market."
Hennepin Partners acted as the exclusive financial advisor to STRIVE.
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 STRIVE STRIVE is dedicated to reimagining the employee experience, one individual at a time. Our mission is to help employees feel connected, be motivated, and live well. Through mobile and web-based solutions that are personalized, integrated, and impactful, we meet employees to deliver their ideal employee experience. We reimagine the space of employee experience while making access to critical information convenient and user-friendly. To learn more information about STRIVE, visit www.onestrive.com.
Jackie Lucas, Vera Voce Communication
SOURCE Essex Bay Capital