Rideau’s CEO says the investment from a labor-backed investment fund reflects confidence, not only in Rideau’s business, but in the human capital space as well.
Rideau Recognition Solutions has received confirmation of another significant investment from a group of institutional investors led by Fondaction, a labor-sponsored fund with assets in excess of $1.8 billion and more than 138,000 shareholders, according to a company announcement. “The group's decision was based on the confidence it has in Rideau, its management team and the Vistance platform, which it believes is revolutionizing the way in which companies manage and optimize their workforce, nurturing cultures of engagement and, ultimately, benefitting employees.”
Says Stephan Morency, Deputy Chief Investment Officer at Fondaction, “Rideau is at the forefront of its industry. And we firmly believe the human capital space is one of the most important drivers toward the well-being of our economy and corporate sector. When companies optimize their workforce with the power of recognition and the science-driven methods for which Rideau is known, then they could achieve goals beyond expectations. We’re delighted to be a part of it and to watch Rideau help an increasing number of companies each day.”
The company statement said that the group has made similar investments in Rideau in the past, “supporting the company over the years in its successful projects of innovation and expansion into new markets, regions and service areas.” Proceeds, the statement says, are for support of the company’s projects in innovation and expansion into new markets, regions and service areas.
Reached by email, CEO Peter Hart says, “The proceeds are heavily focused on expanding the company’s Vistance analytics platform, designed to continually improve performance by teaching managers how to draw out the best in others and potentially in acquisitions.” In the company statement Hart notes, “This investment represents an important vote of confidence, not only in Rideau, but the future of strategic human capital management.” Fondaction first invested in Rideau in 2001, and since then Fondaction, with other investors, has provided several rounds of financing that have helped Rideau grow from 50 to 300 employees and be considered a leading recognition provider worldwide.
Rideau’s Vistance platform is based on the company’s proprietary algorithm “that leverages recognition and engagement data to calculate recognition effectiveness and perception while delivering the return on investment metrics that recognition programs are truly generating. Once the science and diagnostics are obtained, the Vistance solution offers prescriptive learning modules that create tailored education focusing on the individual needs of leaders, helping them better connect with employees. Through real-time data, Vistance allows companies to obtain an accurate picture of the current state of their business performance and identify insights that are tangible and actionable.”
The platform is designed to be compatible with almost all existing recognition programs, which it says now include the Recognition Quotient, or Vistance RQ, a proprietary score for managers the company says is “equivalent to the IQ score, but in the human capital space.” Rideau says its solutions include social or peer-to-peer recognition platforms, incentives and service and performance awards.
“The past year has been an exciting one for us,” says Peter Hart. “We’ve won awards for innovation and shaking up the way employee recognition is used to change cultures and increase bottom line results for our clients.”
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