Calculus Capital exits Mo following UKG acquisition

Calculus Capital, the London-based growth investor specialising in technology, healthcare, and creative sectors, has completed the sale of its stake 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 organisations strengthen workplace culture, reduce staff turnover, and boost engagement. Its flagship product, Moments, serves as an internal social media tool, encouraging employees to share achievements and celebrate milestones.

During Calculus’s investment period, Mo expanded its client base to include major corporate names such as Ocado, William Hill, Crowne Plaza, SGN, and Axol, while establishing itself as one of the UK’s most innovative HR technology businesses.

The exit follows Mo’s acquisition by UKG, one of the world’s largest human resources and workforce management technology providers. Headquartered in the United States, UKG supports more than 80,000 organisations across 150 countries, including 70 per cent 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 up to a 1.8x return for Calculus investors and generated £1.53 million in cash for the Calculus VCT. The firm 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 outcome as “a testament to the dedication and commitment of Luke [Fisher] and the Mo team.” He added: “The UKG acquisition reinforces our strategy of backing ambitious SaaS businesses 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-first cultures,” he said. “We’re thankful to Calculus for their belief, guidance and investment, which enabled us to scale and demonstrate the value of engagement technology at enterprise level.”

For UKG, the acquisition expands its footprint in employee experience software and adds further depth to its AI-powered people-management solutions — underscoring the growing global appetite for workplace engagement technology.

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Calculus Capital exits Mo following UKG acquisition