Calculus Capital, the London-based growth investor specializing in the technology, healthcare and creative industries, has completed the sale of its shares in Mo (Thanksbox Limited), the award-winning employee engagement and recognition platform, following its acquisition by US software group UKG.
Calculus first backed Mo in 2020 through its EIS and VCT funds, alongside existing investor Mercia Ventures. The company’s proprietary platform helps companies strengthen workplace culture, reduce staff turnover and increase engagement. Its flagship product, Moments, serves as an internal social media tool and encourages employees to share successes and celebrate milestones.
During Calculus’ investment phase, Mo expanded its client base to include major companies such as Ocado, William Hill, Crowne Plaza, SGN and Axol, while establishing itself as one of the UK’s most innovative HR technology companies.
The exit follows the acquisition of Mo by UKG, one of the world’s largest providers of human resources and workforce management technology. Headquartered in the United States, UKG supports more than 80,000 organizations in 150 countries, including 70 percent of the Fortune 500. Its cloud-based Workforce Operating Platform integrates AI-driven insights into HR, payroll and workforce planning systems.
The deal has delivered Calculus investors a return of up to 1.8x and netted Calculus VCT £1.53m in cash. The company said the proceeds will support its annual tax-free dividend yield and represent its second profitable exit in 2025 following the sale of Rotageek earlier this year.
Alexander Crawford, co-head of investments at Calculus, praised the result as “a testament to the dedication and commitment of Luke (Fisher) and the Mo team.” He added: “The acquisition of UKG strengthens our strategy to support ambitious SaaS companies that are transforming the modern workplace.”
Luke Fisher, founder and CEO of Mo, described the sale as “a huge moment” for the company. “This is the next step in Mo’s mission to help companies build thriving, people-centered cultures,” he said. “We thank Calculus for their belief, leadership and investment in enabling us to scale and demonstrate the value of enterprise-level engagement technology.”
For UKG, the acquisition expands its presence in employee experience software and adds further depth to its AI-powered workforce management solutions – underscoring the growing global need for workplace engagement technologies.
