Limeade signs three US contracts targeting employee wellbeing
Limeade’s latest deal is with Marsh McLennan and is expected to bring in $1.7 million in annual recurring revenue over a three-year contract.
Employee engagement company Limeade (ASX: LME) has signed contracts with three US-based firms aimed at delivering relevant and personalised resources within its integrated employee wellbeing platform.
All three contracts will be for a period of three years each.
The company today announced it has signed a US$5.1 million enterprise contract with professional services firm Marsh McLennan for a contracted annual recurring revenue (CARR) of $1.7 million.
Marsh is set to launch the Limeade platform to its global workforce in March.
The contract allows Limeade to maintain its commitment to providing “exceptional value” to customers while converting late-stage pipeline projects into contracts which will deliver organic CARR growth and drive adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) breakeven in the 2023 financial year.
Tyson Foods deal
The Marsh contract follows a $5 million enterprise deal signed earlier this month between Limeade and American multinational Tyson Foods, representing a CARR of $1.67 million.
Limeade chief executive officer Henry Albrecht said the platform is scheduled to be launched to Tyson employees in April.
“We value and admire Tyson Foods’ commitment to offering a holistic and immersive solution to its hourly team members,” he said.
“We are excited to partner with the company to deliver personalised experiences which will guide team members to the relevant benefits and resources they need as part of their individual wellbeing journey.”
UPMC Health Plan contract
In November, Limeade signed a $10.5 million contract with insurance company UPMC Health Plan, for an ARR of $3.5 million.
The platform will be launched next month to nearly two million UPMC members, including those covered by fully insured and self-insured plans, as well as those covered by UPMC’s Medicare products.
The UPMC contract will lift the company into the ranks of Limeade’s top 5 customers given the large customer base being served.
SaaS company
Limeade is a software-as-a-service company focused on creating “healthy employee experiences” with customers at more than 800 companies across 100 countries.
Mr Albrecht said the company’s solutions are designed to reduce burnout and turnover and increase wellbeing and engagement, with a view to ultimately elevating business performance.