I Love Rewards' Record Year: 92% Increase in Gross Billings Year-Over-Year

TORONTO and BOSTON, Jan. 12 /PRNewswire/ -- I Love Rewards, North America's fastest growing rewards and recognition  program provider, today announced record results for fiscal year 2009. I Love Rewards has defied market conditions, becoming cash positive in early 2009, securing $8.7 million in Series B funding and a 92% increase in gross billing year-over-year.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20090511/NY14212LOGO )

"Our success is directly tied to the rise in demand for our results-based recognition solutions," said Razor Suleman, founder and CEO of I Love Rewards. "At a time when companies are looking to drive revenue generating and cost-saving activities from their employees, we are providing metrics-based solutions that drive employee performance and engagement. We are confident that by continuing to combine our innovative on-demand recognition platform and data-driven reporting with our pay-for-performance model, we are on our way to realizing our vision of becoming the global leader in rewards and recognition."

2009 was a milestone year for I Love Rewards. Some of the company's key milestones include:

• Customer acquisition: Customer roster grew 119% year-over-year.
• Gross billings: 92% increase in gross billings year-over-year.
• Record growth in Q4 of 2009: 35% of year-to-date gross billings generated in Q4 alone, and 103% increase in gross billings for Q4 year-over-year.
• Capital raised: $8.7 million raised in a Series B financing round led by GrandBanks Capital and the Ontario Venture Capital Fund with participation by JLA Ventures and Laurence Capital. The funding came at a time when the number of VC investments was at an 11-year low.
• Employee base grew by 48%.
• Awards include: ranked the #1 online rewards and recognition program provider, named one of the most democratic workplaces and Top 10 Technology Company.

I Love Rewards is a leading web-based provider of employee rewards and recognition, sales incentive   and service award   solutions. I Love Rewards works with top employers and leading companies such as Microsoft, BlueCross BlueShield, Bell, SIRIUS Satellite Radio and Marriott. The company has been recognized as a top employer , Top 10 Tech company and human capital leader. For more information please visit www.iloverewards.com.

SOURCE I Love Rewards