Jessica O'ConnorCalculus Capital has exited its investment in Mo (Thanksbox Limited), the employee engagement and recognition platform, following its acquisition by global HR and workforce management provider UKG.
Calculus first backed Mo in 2020 through both its EIS and VCT funds, alongside Mercia Ventures.
During that period, Mo expanded its enterprise customer base and developed its core platform “Moments” – an internal social feed designed to help organisations improve employee engagement, morale and retention.
Clients now include Ocado, Axol, William Hill, Crowne Plaza and SGN.
The acquisition by UKG, whose workforce operating platform is used by more than 80,000 organisations worldwide, delivers up to a 1.8x return for Calculus investors.
Employee engagement remains a focus area for organisations looking to reduce turnover and strengthen culture during ongoing labour market pressures.
Mo’s platform encourages recognition and shared achievements, particularly among dispersed teams.
Alexander Crawford, co-head of Investments at Calculus, said: “The UKG acquisition is a testament to the dedication and commitment of the Luke and the Mo team, the strength of their product, and the value created for employers and employees.
“It has been a pleasure working with Luke and the Mo team over the years. We are excited to see the next chapter of growth under UKG.
“This acquisitions further reinforces our commitment to backing ambitions SaaS business that look to transform the workplace.”
Luke Fisher, founder and CEO at Mo, said: “This is a huge moment for our team and the next step in Mo’s mission to help companies build thriving, people-first cultures.
“We’re thankful to Calculus for their belief, guidance, and investment, which enabled us to scale and demonstrate the value of engagement technology at enterprise level.
“Together we’ve built something that will continue to make an impact as part of UKG.”
