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- Reflexis Systems
Reflexis Systems Acquisition, Valuation, Funding & Investors
Reflexis Systems was acquired by Zebra for $575M in July 2020, a 8.7x multiple on $66M of revenue.
Reflexis Systems revenue at acquisition
$66M
Last twelve months · Jul 2020
Reflexis Systems revenue multiple at acquisition
8.7x
EV/Revenue · Jul 2020
Cumulative funding Reflexis Systems raised
$61M
across 2 funding rounds
About Reflexis Systems
Reflexis Systems provides workforce management software for retail, food service, hospitality, and banking sectors. The Reflexis ONE platform includes Real-Time Task Manager, Workforce Scheduler, Time and Attendance, Employee Self-Service, Mobility tools, and Advanced Analytics. These solutions operate across global multi-site operations to optimize labor scheduling, execution, and communication. Waltham, Massachusetts-headquartered Reflexis serves retailers in North America, Europe, and Asia with tools for real-time tasking and reporting.
Founded
2001
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$66M (Jul 2020)
Valuation
$575M (acquired Jul 2020)
Reflexis Systems Acquisition
Reflexis Systems was acquired by Zebra for $575M on 28 July 2020.
The acquisition price implies a 8.7x revenue multiple on $66M of revenue.
Before the acquisition Reflexis Systems had raised $61M across 2 funding rounds.
Zebra Technologies Corporation announced on July 28, 2020 its agreement to acquire Reflexis Systems, Inc., a privately-held provider of intelligent workforce management, execution, and communication solutions for multi-site organizations in retail, food service, hospitality, and banking sectors. Reflexis operated the Reflexis One platform, which enables managers to schedule hours against projected traffic demand and task requirements while providing store associates a unified view of assigned tasks for real-time operational visibility. The company achieved approximately $66 million in sales in 2019, representing a doubling of revenue over the preceding three-year period, and was backed by private equity firms Great Hill Partners and Sageview Capital. The transaction was valued at $575 million and represented Zebra's strategic effort to expand its software portfolio in retail and frontline workforce optimization. Zebra positioned the acquisition as complementary to its existing software offerings including Prescriptive Analytics, Workforce Connect, and SmartCount, with plans to unify the store associate experience across its platform. According to Zebra leadership, the combination would leverage Reflexis' market-leading platform with Zebra's scale, vertical market expertise, and go-to-market footprint to create substantial synergies. Zebra funded the $575 million purchase price with a combination of cash on hand and fully committed financing under its credit facility. The transaction was expected to close by the fourth quarter of 2020 (with actual closing in Q4 2020 confirmed at $548 million in net cash paid). Zebra anticipated the acquisition would have immaterial impact on earnings in the first year and become increasingly accretive beyond year one as the business scaled.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 28 Jul 2020 | Strategic M&A | $575M | 8.7x |
Reflexis Systems Funding History
Reflexis Systems has raised a total of $61M across 2 funding rounds.
Reflexis Systems' first fundraising round was a $28M undisclosed-stage round in January 2014. The most recent completed round was a $33M undisclosed-stage round in April 2017.
Reflexis Systems funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2017 | Undisclosed stage | Great Hill Partners | $33M | Reflexis Systems, based in Dedham, MA, is a pioneer in real-time store execution and workforce management solutions for retailers. Its platform enables retailers to align customers, store associates, and third-party affiliates with in-store activities and corporate goals using real-time metrics and alerts. Reflexis' solutions focus on enhancing customer engagement and profitability for retailers through real-time execution tools. In April 2017, Reflexis received a growth equity investment from Great Hill Partners to accelerate its growth. The investment was described as growth equity, aimed at supporting Reflexis' expansion in the retail technology space. Great Hill Partners is a Boston-based private equity firm focused on financing the expansion, recapitalization, or acquisition of high-growth middle-market companies in sectors like software. This funding round aligns with Great Hill's strategy around 2017, as the firm closed its sixth growth buyout fund at $1.5 billion in February 2017. |
| Jan 2014 | Undisclosed stage | Sageview Capital (lead); Blue Cloud Ventures | $28M | Reflexis Systems is a pioneer in real-time store execution and workforce management solutions for retailers, enabling flawless customer engagement strategy execution and profit uncovering through platforms for task management, KPI/compliance, time and attendance, labor scheduling, budgeting, forecasting, and employee self-service. The company serves over 180 of the world’s largest retailers across multiple verticals and is headquartered in Dedham, Massachusetts, with offices in Atlanta, London, the Netherlands, and India. In connection with Sageview Capital's minority investment around December 2013 to July 2014, Sageview’s Scott Stuart and Jeffrey Klemens joined the Reflexis Board of Directors. Sageview Capital, a private investment firm focused on growth equity in technology, financial services, and energy sectors, led the investment in Reflexis Systems, described as a strategic growth investment. This round is part of Reflexis's six funding rounds totaling $80.18M, with investors including Great Hill Partners, Pequot Venture Capital, Velocity Financial Group, and Sageview. Reflexis operated as an investor-backed company in supply chain technology and corporate business solutions sectors. The investment supported its market-leading position in workforce scheduling, time and attendance, task management, and real-time retail execution. Reflexis was later acquired by Zebra Technologies on July 28, 2020, marking its exit for Sageview. |
Who has invested in Reflexis Systems?
3 investors have backed Reflexis Systems across its funding rounds, including Blue Cloud Ventures, Great Hill Partners and Sageview Capital.
Lead investors include Sageview Capital.
Reflexis Systems Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Apr 2017 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialReflexis Systems Competitors
Reflexis Systems competitors include listed companies like Huitongda Network and Teamshares, and private ones like Homebase, Khatabook, Payactiv and Assembled.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $550M | - | ||
| Private | $9M | - | $600M | 66.7x | ||
| Private | - | - | $500M | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $7.8B | $112M | $559M | 0.0x | ||
| Publicly listed | $472M | ($23M) | $599M | 1.5x |
Reflexis Systems Public Comps
Reflexis Systems is no longer listed, but its public comps include Huitongda Network, Teamshares, PAR Technology, Smaregi, Nordtech Group, Pro-Ship, AdvancedAdvT, Turn Cloud Technology, Beisen Holding and Zaggle Prepaid Ocean.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $7.8B | $112M | 0.0x | 0.0x | 0.8x | 0.9x | |||
| $472M | ($23M) | 1.8x | 1.5x | (37.4x) | 35.3x | |||
| $456M | ($27M) | 2.2x | 2.0x | (36.9x) | 23.6x | |||
| $85M | $24M | 4.3x | 4.1x | 15.1x | 13.7x | |||
| $72M | $15M | 5.2x | - | 25.5x | - | |||
| $54M | $21M | 5.6x | 4.9x | 14.4x | 13.5x | |||
| $72M | $13M | 2.5x | 2.4x | 14.1x | 8.9x | |||
| $25M | $7M | 11.8x | - | 41.0x | - | |||
This data is available for Pro users. Sign up to see all Reflexis Systems competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Reflexis Systems
| When was Reflexis Systems founded? | Reflexis Systems was founded in 2001. |
| Where is Reflexis Systems headquartered? | Reflexis Systems is headquartered in Boston, MA, United States. |
| Is Reflexis Systems publicly listed? | No, Reflexis Systems was acquired by Zebra in July 2020. |
| Who acquired Reflexis Systems? | Reflexis Systems was acquired by Zebra in July 2020. |
| How much was Reflexis Systems acquired for? | Reflexis Systems was acquired for $575M in July 2020, a 8.7x revenue multiple. |
| How much funding has Reflexis Systems raised? | Reflexis Systems has raised $61M across 2 funding rounds. |
| What was Reflexis Systems' last funding round? | Reflexis Systems' last funding round was a $33M undisclosed-stage round in April 2017. |
| Who are Reflexis Systems' investors? | Reflexis Systems' investors include Great Hill Partners, Sageview Capital and Blue Cloud Ventures. |
| Which companies are comparable to Reflexis Systems? | Companies comparable to Reflexis Systems include Homebase, Khatabook, Payactiv, Assembled, Huitongda Network and Teamshares. |
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