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Workstream signs agreement to acquire Bravanta
June 30, 2004
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Ottawa, Ont., & South San Francisco, Calif. -- Workstream Inc., a provider of hosted Enterprise Workforce Management solutions, has agreed to acquire privately held Bravanta, Inc., a provider of Enterprise Incentive and Recognition (EIR) programs for Global 2000 companies. The acquisition will strengthen Workstream's customer base, expand its Workstream Total Workforce product suite around compensation and rewards, broaden its domain expertise and increase its recurring revenue.

Bravanta provides end-to-end hosted solutions for identifying, rewarding and tracking goals and behaviors that help to achieve desired operational results. The company delivers several incentive and recognition reward programs via BravantaEdge(TM) an enterprise class solution to optimize incentive programs by aligning teams with corporate objectives. Bravanta's programs enable organizations to increase employee productivity by aligning individual performance with rewards and incentives.

"This acquisition continues to reinforce our growing leadership in the compensation and rewards segment of the overall Human Capital Management market," says Michael Mullarkey, Chairman and CEO of Workstream. "Our vision is to be the leading provider of human resource application services that allow organizations to more effectively manage and create high performing workforces, today's announcement is just another step in that direction."

Bravanta's customers include companies such as Liberty Mutual, British Airways, Gateway, MasterCard, and Chevron. With this acquisition Bravanta customers will also benefit from the broader services offered by Workstream, including recruiting, performance management and compensation solutions.

In addition, Bravanta customers subscribing to hosted corporate Enterprise Incentive and Recognition programs will benefit from Workstream's R&D Center in Ottawa, which provides access to more than 50 engineers and a state-of-the-art data center and rapid application deployment with minimal IT investment. These subscription services create a strong recurring revenue stream for the company.

"Bravanta has built a strong brand around delivering quality incentive and recognition programs for some of the most well known companies in the world,” says King Lee, CEO of Bravanta. “By joining forces with Workstream, our customers now have access to a wide variety of complimentary HCM service offerings."

Expected benefits of the acquisition include:

  • A broad suite of Enterprise Workforce Management application service, which delivers "software as a service", providing additional recurring revenue sources
  • A combined customer base of more than 300 Global 2000 customers
  • Blending of the XYLO and Bravanta offerings into a single set of employee rewards programs
  • Stronger capability to deliver hosted solutions resulting from adding Bravanta's experience in providing hosted Enterprise Incentive and Recognition software solutions
  • A combined sales force of more than 25 sales professionals located across North America
 
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