Calculus Capital, a growth investor in the technology, healthcare, and creative sectors, is pleased to announce the sale of its stake in Mo (Thanksbox Limited), an award-winning employee engagement and recognition platform.

Calculus first invested into Mo in 2020, across both the Calculus EIS and VCT funds, alongside existing investors Mercia Ventures.

Mo provides proprietary technology to help organisations reduce employee churn and improve employee engagement and satisfaction. Mo's core product, 'Moments', is an intra-company social media platform that encourages employees to share and celebrate the moments that matter at work. During Calculus's holding period, Mo built an impressive portfolio of enterprise clients, featuring leading names such as Ocado, Axol, William Hill, Crowne Plaza and SGN.

The exit comes via the acquisition of Mo by UKG, a leading global AI platform unifying HR, pay, and workforce management based in the U.S.. UKG's Workforce Operating Platform is used by 80,000 organizations in 150+ countries, from the smallest businesses to more than 70% of the Fortune 500. With a focus on the frontline workforce, UKG solutions help organizations use data to elevate productivity, culture, and the customer experience.

The exit has delivered up to a 1.8x return for Calculus investors. For the Calculus VCT, it generates an additional £1.53 million in cash for the portfolio, further supporting the fund's annual target tax-free dividend yield for shareholders. This represents the second profitable exit achieved by the Calculus VCT in 2025, following the successful sale of Rotageek in Q2 2025.

Alexander Crawford, Co-head of Investments at Calculus comments: "The UKG acquisition is a testament to the dedication and commitment of the Luke and the Mo team, the strength of their product, and the value created for employers and employees. It has been a pleasure working with Luke and the Mo team over the years. We are excited to see the next chapter of growth under UKG. This acquisitions further reinforces our commitment to backing ambitions SaaS business that look to transform the workplace."

Luke Fisher, Founder and CEO at Mo, comments: "This is a huge moment for our team and the next step in Mo's mission to help companies build thriving, people-first cultures. 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. Together we've built something that will continue to make an impact as part of UKG."

ENDS

About Calculus

?Calculus pioneered tax-efficient investing through the launch of its first EIS in 1999, and subsequently launched its VCT. Calculus gives investors access to a portfolio of high-growth, UK-based private companies across the fastest growing sectors in the UK - Technology, Healthcare and Entertainment. Over the past 25 years, Calculus has built a strong reputation of delivering profitable portfolio company exits.

Discover more: www.calculuscapital.com