Globoforce Group PLC, a provider of cloud-based social recognition software, is planning a $75 million IPO. The Dublin, Ireland based firm will offer 4.4 million shares with a price range of $16 to $18.
If Globoforce finds a $17 midpoint the company will hold a valuation of $471 million.
The lead underwriters for the IPO include Credit Suisse Securities LLC, JP Morgan Securities LLC, Stifel Nicolaus Company Inc, and UBS Investment Bank.
Globoforce has come to prominence thanks to its SaaS platform that enables employee-to-employee recognition that can be made visible throughout an organization. Essentially, the SaaS platform makes it possible to reward employees with public recognition for their work. The platform also helps generate information about a company’s culture and talent.
Globoforce delivers findings through graphs and infographics which are easy for all employees to consume and share.
Among the firms clients are Abbott Laboratories, CitiCorp North America, General Electric, JetBlue and more than 100 other top corporations.
Globoforce earns much of its money from associated transaction fees that it earns through an employee rewards based system.