Global employee recognition firm OC Tanner acquired Kwench, an Indian recognition and rewards technology firm.
OC Tanner said this deal will combine its global footprint and the software-as-a-service (SaaS) technology platforms of Kwench to enhance value to clients everywhere.
Rewards and recognition firms are those that help companies design incentive programmes for employees. These include cash and non-cash incentives.
Kwench also has a corporate library platform, which enables companies to provide their employees access to thousands of books across over 40 categories without the hassles of maintaining and upgrading an in-house library.
Sunder Nookala, CEO of Kwench, said they see this deal as a perfect meeting of minds, culture and aspirations.
Kwench works with more than 500 companies across 63 countries and is one of the leading players in India. It has about 50 employees. The company did not reveal the size of the deal.
“While we have largely focused on multinational clients, the Kwench focus has been primarily on companies headquartered in India, so this acquisition will fuel even greater growth,” Dave Petersen, CEO of OC Tanner, said.
OC Tanner said its existing footprint in India, including its headquarters in Mumbai and office in Hyderabad, will be bolstered by Kwench’s local presence.
Zubin Zack, Managing Director of OC Tanner India, said as one of the fastest-growing economies in the world, India is an exciting place for business today. He added that employee recognition is fast evolving as a key focus area as companies fight to attract and retain the best talent.