Parsons Behle & Latimer Represents Client Awardco in a $65M Series A Round
Client’s new valuation near $1B
Parsons Behle & Latimer (Parsons), a preeminent law firm in the Intermountain West, is pleased to announce a successful Oct. 15 closing of a Series A $65M round for client Awardco. This round brings the client’s valuation to nearly $1B.
Awardco is a Utah Silicon Slopes-based HR SaaS company that incentivizes behavior and builds workplace culture through value-driven recognition and rewards. The financing round is the largest Series A funding in HR SaaS and the largest Series A funding for a recognition and rewards company. Since its inception in 2012, Awardco has annually doubled its size and revenue.
Parsons’ attorney Simeon L. Vance, lead counsel for Awardco on the transaction, has been working on the Series A round with the client since mid-August. As outside general counsel for Awardco, Vance handles corporate and securities matters and draws on Parsons’ multidisciplinary teams to provide a range of additional legal services as the company scales, including IP, tax, employment, real property, licensing and data privacy. Vance says, “This is a company that has managed to bootstrap and remain cash positive for nearly 10 years. In today’s business environment, that is extremely rare. Few startups are able to achieve the milestones Awardco has by being smart and scrappy. Awardco’s determination, perseverance and practical leadership are entrepreneurship at its best. That is all part of what has made it so rewarding to help this client close this deal.”
Awardco is the only employee recognition and total rewards platform to partner with Amazon Business to offer the power of Amazon for any size organization's incentive programs. Vance says it has been a great experience to work with this visionary company over the years to help position them to attract and close this level of funding. For the past five years, Awardco has been recognized as one of the fastest growing companies in Utah.
Parsons’ Chairperson and CEO Shawn C. Ferrin says, “We couldn’t be more pleased for Awardco and thank Simeon for the great work he has done in this matter. We look forward to working with this client as they continue to disrupt and pave a new path in the employee rewards and retention space.”
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Parsons Behle & Latimer
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