- The leader in online rewards and recognition solutions announces a
year, reporting a 119% increase in customer acquisition and 92% increase
gross billings year-over-year.
<p><location>TORONTO</location> and <location>BOSTON</location>, <chron>Jan. 12</chron> /CNW/ -- I Love Rewards, North America's fastest growing rewards and recognition program provider, today announced record results for fiscal year 2009. I Love Rewards has defied market conditions, becoming cash positive in early 2009, securing <money>$8.7 million</money> in Series B funding and a 92% increase in gross billing year-over-year.</p>
(Logo: http://www.newscom.com/cgi-bin/prnh/20090511/NY14212LOGO )
<p>"Our success is directly tied to the rise in demand for our results-based recognition solutions," said Razor Suleman, founder and CEO of I Love Rewards. "At a time when companies are looking to drive revenue generating and cost-saving activities from their employees, we are providing metrics-based solutions that drive employee performance and engagement. We are confident that by continuing to combine our innovative on-demand recognition platform and data-driven reporting with our pay-for-performance model, we are on our way to realizing our vision of becoming the global leader in rewards and recognition."</p>
<p>2009 was a milestone year for I Love Rewards. Some of the company's key milestones include:</p>
-- Customer acquisition: Customer roster grew 119% year-over-year.
-- Gross billings: 92% increase in gross billings year-over-year.
-- Record growth in Q4 of 2009: 35% of year-to-date gross billings
generated in Q4 alone, and 103% increase in gross billings for Q4
-- Capital raised: $8.7 million raised in a Series B financing round led
by GrandBanks Capital and the Ontario Venture Capital Fund with
participation by JLA Ventures and Laurence Capital. The funding came
a time when the number of VC investments was at an 11-year low.
-- Employee base grew by 48%.
-- Awards include: ranked the #1 online rewards and recognition program
provider, named one of the most democratic workplaces and Top 10
<p>I Love Rewards is a leading web-based provider of employee rewards and recognition, sales incentive and service award solutions. I Love Rewards works with top employers and leading companies such as Microsoft, BlueCross BlueShield, Bell, SIRIUS Satellite Radio and Marriott. The company has been recognized as a top employer , Top 10 Tech company and human capital leader. For more information please visit <a href="http://www.iloverewards.com">www.iloverewards.com</a>.</p>
For further information: For further information: Sarah-Beth Anders, +1-416-531-1531, email@example.com Web Site: http://www.iloverewards.com