London, 24th July – Polestar is delighted to have advised on the sale of the business and assets of Companion Apps Ltd (“Companion”) through an asset purchase agreement to Terryberry Company, LLC (“TerryBerry”), a US-headquartered employee engagement business.
The Companion product provides mental wellbeing support to enterprises and their employees. The offering includes expert-led online workshops and training programmes that tailor app content for each user to help improve and sustain the mental wellbeing of employees.
As a health-tech solution, Companion had been recommended to contact Polestar by a previous client. Whilst earlier stage than Polestar’s normal target market, Polestar’s experience across the ESG space and – more specifically – within employee reward and recognition, meant it was aware of international buyers looking for a mental wellbeing solution to complement their existing tech stacks.
Dan Bladon, CEO and Founder of Companion, shares:
“Polestar came highly recommended by one of its previous clients. Having developed a great product and completed beta testing, we were looking for a partner to support us in scaling the business to help more people. Though we had already approached potential buyers directly, Richard immediately provided a new perspective on who might acquire us and why. His knowledge of both UK and international buyers and their requirements proved invaluable, and Polestar was able to quickly distill the essence of what Companion offers into a form that elicited a strong response that ultimately helped deliver on our ambitions.”
Richard Hall of Polestar added:
“We are always happy to receive inbound referrals from previous clients. In this case we felt that, though early stage, Companion had developed technology that would be a strong fit with the gaps certain operators in the reward and recognition space were looking to fill in their offerings. Equally, the exceptional reach in their customer bases, proved to be a strong match with Dan’s vision for scaling Companion going forward. Terryberry proved a straightforward counterparty with a willingness to structure a deal that made sense for both parties.”
Gary Wiegmann, CEO of Terryberry, commented:
“When Polestar approached us, it was clear Companion’s mental wellness offering strongly complemented Terryberry’s Employee Wellness Program solution. Polestar was quick to engage with a deal structure that made sense for both parties, moving quickly to completion. We are excited to welcome Companion into our portfolio and look forward to scaling it as part of Terryberry.”
Companion was advised by Polestar and GAD Legal. Terryberry was advised by Lewis Silkin LLP.