Essex Bay Capital today announces that it has made a growth equity investment in Divvy Engagement Solutions, a leading employee engagement software platform. Essex Bay is a lower middle market private equity firm focused on investing in technology/software, business services, medical devices/life sciences, industrial and consumer products spaces. Essex Bay looks to partner with management teams to significantly increase the size and profitability of businesses organically and through acquisitions. Divvy represents the second platform investment for Essex Bay, which launched in 2021.

Divvy is a leading provider of digital employee engagement solutions. Its software platform enables employers to reduce turnover and improve culture, through a focus on recognition, values reinforcement, and open communication. The investment allows Divvy to expand its leadership team and build-out its resources in product development, customer support, and sales. In addition, Divvy intends to expand through acquisitions of complementary businesses.

In conjunction with the transaction, Casey McCullar has joined Divvy as its CEO, with Rick McCartney (formerly CEO) continuing his leadership of the company on the Board of Directors. Casey has a strong background in product management for fast-growing SaaS companies, and prior to joining Divvy, he was General Manager for Vaisala’s Digital Lightning business unit.

Franklin Foster, Partner at Essex Bay Capital said: “Divvy has built a robust platform that is well-positioned for growth. There is a pressing need for tools that improve employee retention and company culture, particularly in remote work environments and during a period of high employee turnover. We are excited to be partnering with Casey and Rick to build a must-have solution in today’s employee engagement market.”

“Casey’s extensive experience scaling digital companies will serve Divvy’s customer base well. Together with Rick McCartney’s deep domain expertise, Divvy will look to expand its product suite both organically and through acquisitions,” added Yash Singh, Managing Director at Essex Bay Capital.

“We are excited to partner with Essex Bay who understands and appreciates our core values, and will support our vision for product innovation and growth,” said Rick McCartney, former CEO and current Board Member.

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