Foley & Lardner LLP represented Brazilian startup Qulture.Rocks in its recent acquisition by UOL Edtech. Qulture.Rocks is a Brazilian team performance management SaaS platform with relevant synergies to UOL Edtech vertical corporate educational business.
While the value of the transaction was not disclosed, the deal allowed for the exit of all investment funds which invested earlier in the company, including Y Combinator, the Canary investment fund, and Redpoint eVentures. Founder Francisco Homem de Mello will continue to hold a relevant equity interest in Qulture.Rocks and will remain CEO.
Qulture.Rocks was founded in 2014 and has about 1,000 paying corporate customers. The platform makes it easier for its clients’ managers to interact with their teams, offering feedback and gaining a complete view of how each team member is performing, as well as how they need to improve. Qulture.Rocks software architecture is very similar to SaaS Lattice model.
The Foley team was led by Partner André Thiollier and included Associate Ethan Floyd.