Newly minted ASX company turns good experiences to great
You may have missed it, but at the end of 2019 (December 20 to be exact), Australia had a new entrant to the ASX.
Limeade (ASX:LME), an employee experience software company, raised A$100 million and opened its account with a market capitalisation of A$490.8 million following the completion of its initial public offering.
Currently, the market cap sits at $443.09 million.
This IPO enables Limeade to invest in platform innovation, existing and future solutions, customer delight and continued growth in US and international markets.
"Employees have more voice, power and career mobility than ever — and many actively reject toxic, discriminatory, fixed-mindset or command-and-control company cultures. As a result, the employee experience market is expanding but not yet delivering what large companies and their people want and need," said Henry Albrecht, Limeade founder and CEO.
"Limeade is perfectly positioned to provide the key elements of employee experience in a unified, mobile-first platform, through the lens of care."
Currently, Limeade serves more than 175 companies with over 2.4 million users in 100 countries from offices in the US, Germany and Canada.
So how does Limeade work?
The Limeade employee experience platform helps organisations better care for their employees by unifying and delivering well-being, engagement and inclusion solutions — with robust communications capabilities.
Essentially it measures employee experience.
The following video explores how the company does this:
A strong employee experience is linked to companies' ability to attract and retain talent, boost workforce engagement and drive productivity. Despite these benefits, in a recent global survey, 59% of leaders reported they did not have the necessary infrastructure or resources to address the complexities of the employee experience.
Globally, industry analyst Bret Starr estimates the current market opportunity for employee experience software and services is expected to grow by approximately 20% in 2020 and 25% per annum in 2021-2023, as the employee experience industry moves further into mainstream adoption.
"Companies need solutions like Limeade because the employee experience drives the customer experience, and the combination drives exponential business results," said Starr. "There is no chicken-and-egg argument anymore. Employee experience is the chicken and business results are the egg."
"Limeade is a founder-led, organically-grown company with an audacious mission to improve well-being in the world," said Elizabeth Bastoni, Limeade Board Chair. "As a stable, fast-growing company in a fragmented, consolidating industry, this financing will help Limeade stay true to its purpose. Together with a passionate, diverse Board of Directors; a world-class management team; and a highly talented and committed workforce, we will help employees around the world know their company cares."
Limeade customers have up to three times lower turnover for participating employees. Surveys have indicated that 85% of Limeade employees feel engaged at work.
Limeade has been recognised as the #1 Best Workplace in Washington by the Puget Sound Business Journal, Inc. 5000 Fastest Growing Companies in America, Deloitte Technology Fast 500, Fortune's Great Place to Work and Entrepreneur Top Company Cultures.