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360insights of Toronto has acquired Perks Worldwide of Little Rock.
The companies didn’t disclose the purchase price, but the transaction closed earlier this month, Perks WW CEO Jeff Ford told Arkansas Business.
This is 360insights’ second major acquisition in October (it bought CR Worldwide of Stratford-Upon-Avon, United Kingdom earlier) and sixth acquisition in the past three years. The company said it has more than $100 million in annual revenue and is the largest global channel incentives management provider.
360insights’ Channel Success Platform is an integrated software-as-a-service technology designed to help brands manage, measure and optimize consumer rebates, sales incentives, volume incentives, market development funds/co-op funds, sales allowances, points programs and associated spending in one central location. It also offers data-driven insights, concierge support with program design and management, regulatory and compliance services, help desk, claims adjudication and payment services.
“This is an exciting moment for 360insights as we make another strategic and positive move to continue our momentum of growth,” Jason Atkins, founder and CEO of 360insights, told a Channel Futures reporter. “We welcome Perks WW, with its exceptional suite of channel sales incentive offerings, dedicated team of professionals and its broad customer base, to our growing team. We look forward to leveraging all of our best-in-class assets to provide the best experiences and solutions for our customers.”
Ford said Perks WW brings to the table its business-to-business rebates and incentives and consumer research rewards technology.
The B2B business unit, which will be called the new company’s TMT practice, refers to when a client wants to offer a rebate on one of its products or a reward to other businesses that are “channel partners” and selling those products. Perks WW facilitates that with its technology.
The consumer research rewards business unit refers to when a client doing market research wants to reward consumers for their participation. For example, a client may want to offer consumers gift cards for filling out surveys. Perks WW provides the technology that allows that to happen.
Ford also said Perks WW brings its mostly telecommunications and information technology clients to 360insights, which has clients mostly in the manufacturing space.
The two companies won’t operate as separate entities. Instead, their technologies, along with technologies from other recent acquisitions by 360insights, will be merged under and operate as 360insights. 360insights said in a news release these technologies will be “seamlessly integrated” into its Channel Success Platform.
Ford said the Perks WW executive team will work for the new combined company, serving in slightly different roles, and no layoffs are planned. Perks WW employs about 60 people.
“They’re in the growth mode,” Ford said. “They’re needing people to grow, so I’m sure that there’s going to be other opportunities popping up as we continue on.”
Atkins told Channel Futures that 360insights’ goal is more than 50% annual revenue growth, with half of that being organic growth and half of that being from acquisitions and consolidation.
Ford said the acquisition had been in the works for several months.
“They were a competitor of ours. We went up against them on multiple deals. And, back in May, Jason Atkins, their CEO, contacted me and asked if we would be interested in talking and the deal just made sense for us,” he said.
Ford co-founded Perks WW in 2001 and said it’s never accepted outside funding and has always grown organically.
“We were seeing that we were getting to a point, to a size, that we really needed to go out and raise money to really get to that next level,” he said. “It really just made sense to sort of join forces with them, and we really kind of complement each other as companies.”
This year is the fifth year in a row that Perks WW has been named a Best Place to Work by Arkansas Business. Ford said 360insights had won a similar accolade in Canada and that the workplace culture of both companies is very similar.
“360 is a much larger company,” Ford said. “They are three times our size. And so I think this is a great opportunity for everyone here. … I think it’s a great opportunity for our employees. I’m really excited for it.”