Edenred acquired 100% of Reward Gateway. Strategically, this is a "platform expansion" play. Edenred aims to take Reward Gateway's proven technology (currently strong in the UK/Australia) and roll it out across its own massive footprint in continental Europe (France, Belgium, Germany, Italy, Spain, Romania). By integrating Reward Gateway, Edenred evolves from being a simple provider of "lunch money" to a holistic "Employee Experience" platform, offering a one-stop-shop for benefits, discounts, and corporate culture tools.

REWARD GATEWAY, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 13.6x average currently observed in the TMT (Tech, Media, Telecom) sector.

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