The company which aims to remove the burden of HR services has had its second round of funding from the Smaller Loans fund

A North East HR firm has acquired a company in Manchester after securing a second round of investment from a Northern Powerhouse fund. Newcastle-based Sapphire HR has received a six-figure sum from the NPIF – NEL Smaller Loans fund, which managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II).

The sum has led to the deal for Sapphire to buy Manchester-based Heads HR Limited, as well as refining its marketing strategy in a bid to accelerate expansion. Sapphire HR, which provides HR solutions designed to alleviate the stress of HR management for small business owners, received its first round of investment in 2024.

Since then, the business has recruited two new HR advisers and significantly grown its client base. It is now looking to accelerate its next phase of growth in the education sector and to develop specialist teams within primary care, social care, the NHS and education.

Michael Dobson, founder and managing director at Sapphire HR, said: “I’m delighted to have worked with the teams at NEL Fund Managers, Clive Owen and Swinburne Maddison on this funding round. The unfailing support and guidance throughout the process have been invaluable, enabling us to realise our growth ambitions, and expand by acquiring another specialist team to provide HR services to the education sector and schools across the country from this team’s base in Manchester.

“The team at Heads HR have built a loyal client base over the last 10+ years and we look forward to working closely with the team over the coming months as the business moves forward with this exciting new chapter. This acquisition positions us to capitalise on the significant opportunities ahead as we continue to strengthen as a business and deliver HR solutions to a UK-wide client-base.”

Susan Snowdon, NEL investment executive, said: “As a previous investee, I was delighted to work with Michael and the team again and continue our strategic partnership. With this new investment, the business is well positioned to drive sustainable revenue growth, and I wish them all the best.”

The company was introduced to NEL Fund Managers by Michael Cantwell, corporate finance partner at Clive Owen LLP, who oversaw the transaction alongside Craig Malarkey, partner at Swinburne Maddison LLP. They were supported by Joe Vera-Sanso, corporate finance executive, and Sophie Ayre, corporate associate solicitor.

The £660m Northern Powerhouse Investment Fund II, which is operated by British Business Bank, covers the entire North and provides loans from £25,000 to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

Sarah Newbould, senior investment manager at the British Business Bank said: “Having initially supported Sapphire HR at the end of 2024, we’re proud to see NEL providing further funding to this ambitious business through NPIF II. NPIF II is committed to backing businesses throughout their growth journey, allowing them to pursue new opportunities. It’s investments like this that can help to broaden a business’s reach, unlock new markets, create high-quality jobs and, ultimately, build a stronger Northern economy.”

STOCKHOLM — Spotify on March 11, 2026, unveiled its annual “Loud & Clear” report, showcasing record-breaking royalty payments of $11 billion to the music industry in 2025 and underscoring the platform’s role in fueling a more diverse, global music economy as artists from 75 countries earned at least $500,000 from the service last year.

The update, timed ahead of Spotify’s 20th anniversary, comes amid the company’s push for profitability through subscription price adjustments and feature expansions. It highlights 13,800 artists generating $100,000 or more in royalties from Spotify alone in 2025 — up nearly 1,400 from the prior year — and more than 1,500 surpassing $1 million, a figure touted as evidence of broadening success beyond traditional superstars.

Spotify emphasized that independent artists and labels accounted for half of all royalties paid out, reinforcing its claim as a driver of industry growth. The platform now represents roughly 30% of recorded music revenue globally, with payouts rising more than 10% in 2025 while other sources grew around 4%. Lifetime royalties since 2006 now total nearly $70 billion, the company reported.

The report spotlighted regional surges, including Brazilian funk and K-pop’s explosive impact, as creators from diverse markets spawned major hits. Brazilian funk saw significant streaming gains, while K-pop continued dominating charts, reflecting Spotify’s push into emerging genres and territories.

The release followed strong financial momentum. In February 2026 earnings, Spotify reported record 751 million monthly active users — up sharply thanks to the 2025 Wrapped campaign and enhanced free-tier features — and 290 million paid subscribers. Revenue reached €4.53 billion ($5.39 billion) for the quarter, with subscription growth offsetting a dip in ad-supported income. The company forecasted continued user gains, projecting 8 million more monthly actives in Q1 2026, pushing totals near 759 million.

Co-CEOs Alex Norström and Gustav Söderström described 2026 as a “year of raising ambition,” signaling aggressive innovation. Recent enhancements include AI-powered tools like Prompted Playlists, Exclusive Mode for bit-perfect desktop playback, Taste Profile editing for refined recommendations, and Page Match for seamless audiobook transitions from physical books to digital listening.

Spotify’s audiobook push gained traction, with listening hours up 37% year-over-year. The company partnered with Bookshop.org to sell physical copies directly in the app for U.S. and U.K. users, earning affiliate fees while supporting independent bookstores. Video podcasts saw lowered monetization thresholds — now requiring just three episodes, 2,000 consumption hours and 1,000 engaged listeners — alongside new sponsorship tools.

Pricing changes rolled out in January 2026 added to revenue optimism. The U.S. Individual Premium plan rose $1 to $12.99 monthly (effective February billing cycles), with Student plans increasing to $6.99. Similar hikes hit Estonia and Latvia, part of occasional adjustments to sustain artist support and platform improvements. Analysts estimated the U.S. increase alone could add roughly $500 million annually.

Critics, however, persist on payout equity. A March 21 CBS News segment revisited streaming economics, noting Spotify’s average $0.003–$0.005 per stream trails competitors like Apple Music ($0.01) in some estimates. While the company disputes figures and stresses overall creator earnings growth, debates continue on fair compensation amid rising subscription costs.

Spotify’s ecosystem expansions — music videos for Premium users, group chats, real-time sharing, concert ticket booking and “About This Song” stories — aim to deepen engagement. AI integration accelerated development, with top engineers reportedly not writing code manually since late 2025 thanks to generative tools enabling over 50 features in the prior year.

The “Loud & Clear” update arrives as Spotify navigates a competitive landscape with rivals like Apple Music and YouTube Music. Yet its scale, global reach and data-driven personalization position it strongly, especially with emerging markets driving listener growth.

As Spotify eyes further profitability — gross margins hit a record 33.1% in recent quarters — the report serves as both celebration and defense of its model. By highlighting payouts and diversity, the company counters longstanding artist criticisms while promoting its central role in music’s digital future.

With user milestones, royalty records and ambitious plans, Spotify’s 2026 trajectory points to sustained dominance, even as pricing and compensation discussions linger.

The acquisition, the value of which has not been disclosed, marks a strategic step in expanding Rototherm’s product range and technical expertise.

Port Talbot headquartered manufacturer of measurement and control instrumentation, Rototherm has expanded via acquisition.

It has acquired Yorkshire-based Mainstream Measurements a supplier of specialist measurement solution using ultrasonic sensors to gauge how water flows in places like pipes, rivers, and drainage systems. The acquisition, the value of which has not been disclosed, marks a strategic step in expanding Rototherm’s product range and technical expertise.

Mainstream Measurements has built a strong reputation providing solutions across a range of industrial measurement applications. By joining the Rototherm group, Mainstream Measurements will benefit from increased manufacturing capability, broader distribution, and long-term investment in product development.

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Tarkan Conger,director of Rototherm, said:“We are delighted to welcome Mainstream Measurements into the Rototherm group. The company’s technical knowledge, strong customer relationships, and complementary product portfolio make this an excellent strategic fit. This acquisition allows us to broaden our offering while continuing to deliver the high standards our customers expect.

“This is a highly complementary acquisition strengthening our ultrasonic flow division, which last year grew 35%, ultrasonics will now account to around 50% of our revenue. We are also expecting good growth in 2026 in our defence business which is going from strength to strength.”

Bev Bruce, Director of Mainstream Measurements , added: “This is an exciting step forward for Mainstream Measurements. Rototherm shares our values and our focus on quality and service, which made this a great fit. Our customers can expect the same personal service they’re used to, backed by the additional strength and resources of a larger group.”

Mainstream Measurements will continue to operate under its existing name.

Banks and loyalty teams are no longer evaluating tours and activities APIs just to “add things to do.” The real goal is usually broader: drive engagement, deepen retention, and keep the customer inside your own app or rewards journey.

That is why this category can feel confusing. Some providers are B2B or B2B2C infrastructure platforms. Others are consumer marketplaces that expose partner APIs. And some offer hybrid models with APIs, widgets, portals, or white-label layers. For banks and loyalty programs, choosing the right provider type usually matters more than choosing the biggest catalog. In this category, operational fit usually matters more than headline inventory size.

What banks and loyalty programs should look for first?

For this buyer type, the first questions are usually operational rather than cosmetic. Who is the merchant of record? Can members earn or redeem points inside the experience flow? Who handles customer service, cancellations, and disputes?

Do you need a full API, or would a widget or white-label path get you live faster?

For example Travel Curious explicitly highlights loyalty-program integration, points redemption, merchant services, dispute management, and fraud controls, while Viator draws a clear line between affiliate and merchant models.

Provider types: affiliate vs booking vs distributor

Affiliate is the lightest model. It is usually faster to launch, but you get less control over checkout and redemption design. For example Viator’s affiliate API is content-only, redirects traffic to Viator for the transaction, and keeps Viator as merchant of record and customer-service owner.

Booking or merchant models are stronger when you want a native experience inside your own loyalty or banking environment. For example Viator’s Merchant API keeps the transaction on the partner’s site, with the partner controlling the customer journey. While Bridgify centers on partner-owned embedded experiences through API and white-label launch paths for banks, loyalty programs, and digital platforms.

Distributor models sit somewhere in between. They typically expose inventory, pricing, and booking tools through a partner program, but access is often gated. For example Tiqets describes its Distributor API as a fit for distribution partners including OTAs and corporate benefits or gifting platforms, while GetYourGuide requires a partner account to access its marketplace API.

Integration checklist for banks and loyalty teams

Before committing to a partnership, ask yourself these questions:

• Can users earn or redeem points, cashback, or other incentives inside the flow?
• Who is merchant of record?
• Who handles refunds, disputes, and post-booking support?
• Is the launch path API-only, or are widget / portal / white-label options available?
• Are pricing, availability, and vouchers handled in real time?
• Does the product support multi-currency and localization?
• Is access instant, qualification-led, or performance-gated?
• Is the supply broad enough for your use case, or mainly attraction ticketing?

Quick comparison of platforms to consider

Platform	Best for	Provider type	Integration model	Why shortlist it	Main watch-out
Bridgify	Banks, credit cards, digital wallets, fintechs, and loyalty ecosystems	B2B2C experiences infrastructure	API + white-label + AI-led recommendation layer	Built around embedded experiences, with access to 1M+ experiences and launch paths designed for loyalty, financial, and other enterprise partners.	Best fit when you want infrastructure and merchandising depth, not just a lightweight affiliate feed
Travel Curious Access / Amplify	Curated or premium loyalty programs and branded experience commerce	B2B experience commerce platform	API + portal + widget + white-label layers	70,000+ products, private-tour strength, loyalty integration, and merchant services	More curated footprint than mass-market marketplace stacks
Viator Partner API	Loyalty storefronts choosing between affiliate and merchant	Marketplace partner program	Affiliate API or Merchant API	Clear split between redirect-led affiliate and on-site transactional merchant models, with loyalty and redemption called out as a use case	Merchant mode means more operational ownership, and access is qualification-led
Tiqets Distributor API	Attraction-led rewards catalogs and corporate benefits/gifting	Distributor API	Content + availability/pricing + booking	Strong fit for attractions, museums, and ticketed inventory	Booking access is reviewed based on performance, so it is not always a day-one full-booking setup
GetYourGuide API	Brands that want marketplace access through a partner API	Marketplace partner API	Partner API	Direct access to the GetYourGuide marketplace	Partner account required, and the positioning is less explicitly loyalty-focused

1) Bridgify: Best for embedded loyalty and bank experiences

Bridgify

is one of the clearest B2B2C infrastructure play in this shortlist .It is positioned as an embedded experiences infrastructure platform that gives partners access to 1M+ experiences through flexible launch models, including API, Whitelabel, and an AI agent layer.Bridgify is a great option and is built for loyalty programs, banks, credit cards, digital wallets, travel tech platforms, and other enterprise brands that want embedded content inside their own customer journeys.

That matters because banks usually do not need “just another marketplace feed.” They need a way to launch embedded experiences through API or white-label, attach incentives such as cashback, gift cards, or points redemption, and avoid managing multiple suppliers themselves.

2) Travel Curious Access / Amplify: Best for curated and points-enabled programs

Travel Curious

is one of the more relevant non-OTA options for this audience because its stack maps well to branded experience commerce. Travel Curious Access offers 70,000+ products, instant availability, API / portal / widget launch options, and multi-currency support, while its widget model names Travel Curious as merchant of record.

Amplify goes a step further for loyalty-style use cases. Travel Curious says rewards or loyalty programs can be integrated into the experience flow so customers can earn and redeem points, and it also highlights merchant services, dispute management, fraud controls, and white-label activation.

The trade-off is that Travel Curious looks more curated than mass-market. That can be a strength for premium programs and private-tour use cases, but it is a different proposition from a pure volume-driven marketplace feed.

3) Viator Partner API: Best for teams deciding between affiliate and merchant

Viator

is still one of the clearest examples of why provider type matters. Its API Solutions page explicitly says it supports airlines, OTAs, e-commerce companies, and loyalty brands, then splits the offer into Affiliate API and Merchant API. The affiliate version is content-only and redirects traffic to Viator, while the merchant version keeps the transaction on the partner’s site and lets the partner own customer support and pricing control.

For loyalty programs, that makes Viator useful because the choice is straightforward. If you want a lower-lift launch, affiliate is easier. If you want tighter brand control and a more native redemption flow, merchant is the stronger route. The main watch-out is that the two models come with very different operational responsibilities.

4) Tiqets Distributor API: Best for attraction-heavy rewards and benefits

Tiqets is strongest when the catalog leans toward museums, attractions, and other ticketed experiences. Its API program describes a direct connection to its catalog, structured content, real-time pricing and availability, booking and cancellation support, and dedicated technical and commercial support.

Their Distributor API is aimed at distribution partners including OTAs, corporate benefits and gifting platforms, electronic distribution systems, and destination management companies.

There is an access nuance worth noting. Tiqets says new partners usually begin with affiliate portal access plus Content and Availability APIs, and eligibility for the Booking API is reviewed based on performance. So Tiqets can be a strong specialist fit, but it is not always a fully open booking API from day one.

5) GetYourGuide API: Best for marketplace-led access

GetYourGuide remains relevant because its API gives partners access to the GetYourGuide marketplace for tours and activities. Its API page is also very direct that partners need to contact GetYourGuide to create an account and gain access.

For banks and loyalty programs, the appeal is recognizable marketplace inventory through a partner API. The limitation is that, based on the current partner-facing page, GetYourGuide is less explicitly positioned around loyalty mechanics than providers such as Bridgify, Travel Curious, or Viator’s loyalty-language partner materials.

Which platform type fits which program?

If you need embedded “earn-and-burn experiences” ( a system where users can both collect points and redeem them within the same platform) inside a bank, card, wallet, or loyalty app, the most obvious B2B / B2B2C fits here are Bridgify and Travel Curious. Both are framed around partner owned journeys, and Travel Curious explicitly adds loyalty program integration and points redemption.

If you want the clearest choice between a lighter affiliate launch and a deeper merchant setup, Viator gives the most obvious solution. If your rewards mix is mainly attractions and museums, Tiqets is the sharper specialist. If your team mainly wants access to a large consumer marketplace through a partner API, then GetYourGuide belongs on your shortlist.

Final take

The best tours and activities API for a bank or loyalty program is usually not the one with the loudest consumer brand. It is the one whose provider type matches your operating model. For embedded, partner-owned experience commerce, Bridgify and Travel Curious stand out as the most B2B-led fits in this list. Viator is the clearest comparison when you want to choose between an affiliate and a merchant. Tiqets is especially strong for attraction-heavy benefits or gifting use cases. GetYourGuide remains relevant when marketplace access is the main goal.

Ace investor Ashish Kacholia on Monday sold his entire stake in Brand Concepts via a bulk deal valued at Rs 3.9 crore. The shares were purchased by Suryavanshi Commotrade Private Limited, a Kolkata-based unlisted commodity trading and financial services firm.

Brand Concepts is a fashion retail company, specialising in curating travel gear, handbags and lifestyle accessories.

Kacholia offloaded nearly 1.8 lakh shares in the company that represented 1.44% equity. The shares were sold at a price of Rs 217 apiece, which was at a 5% discount over the Friday closing price of Rs 228.90 on the BSE.

The stock today ended at Rs 215.50, falling, by Rs 13.40, down 6% from the previous close.

Also read: BEW Engineering bulk deal: Ashish Kacholia exits SME company as stock slumps 44% in a year

Kacholia’s stake sale comes following a significant underperformance in the microcap counter. It has plunged 36% over a one-year period amid continued weakness in the overall smallcap segment. It has slipped below its 50-day and 200-day simple moving averages (SMAs) of Rs 271 and Rs 315, respectively, according to Trendlyne data.
Company’s current market capitalization stands at Rs 269 crore.Kacholia, fondly called the ‘Big Whale’ has investments in at least 50 stocks as per the public shareholding data. The net worth of his portfolio is Rs 2,420 crore according to Trendlyne. Some of his portfolio stocks include Shaily Engineering, Xpro, Safari Industries, Balu Forge, Faze Three, Brand Concepts, Stove Kraft and Aeroflex Industries.

Kacholia has made his latest bet on a smallcap dry fruit company Aelea Commodities, buying over 7.73 lakh shares via a bulk deal on Friday. The deal was valued at Rs 9.3 crore. The shares were purchased from Suryavanshi Commotrade Private Limited, which exited by selling its entire stake at a price of Rs 120.50 per share.

Kacholia’s bought these shares following a significant erosion in its price. The microcap counter has plunged 36% over a one-year period. The stock is down 21% in 2026 so far.

Read more: Aelea Commodities bulk deal: Ashish Kacholia bets Rs 9.3 crore on a microcap that is down 36% in a year

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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Ecolab Inc. (ECL) M&A Call March 23, 2026 8:00 AM EDT

Company Participants

Andy Hedberg – Director of Investor Relations
Christophe Beck – CEO & Chairman of the Board
Scott Kirkland – Chief Financial Officer

Conference Call Participants

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Timothy Mulrooney – William Blair & Company L.L.C., Research Division
John Ronan Kennedy – Barclays Bank PLC, Research Division
Ashish Sabadra – RBC Capital Markets, Research Division
John McNulty – BMO Capital Markets Equity Research
Seth Weber – BNP Paribas, Research Division
Andrew J. Wittmann – Robert W. Baird & Co. Incorporated, Research Division
Steven Haynes – Morgan Stanley, Research Division
Patrick Cunningham – Citigroup Inc., Research Division
David Begleiter – Deutsche Bank AG, Research Division
Shlomo Rosenbaum – Stifel, Nicolaus & Company, Incorporated, Research Division
Edlain Rodriguez – Mizuho Securities USA LLC, Research Division
Jason Haas – Wells Fargo Securities, LLC, Research Division

Presentation

Operator

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Greetings. Welcome to Ecolab’s acquisition of CoolIT Systems Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. At this time, it is now my pleasure to introduce your host, Andy Hedberg, Vice President, Investor Relations. Thank you, Andy. You may now begin.

Andy Hedberg
Director of Investor Relations

Thank you. Hello, everyone, and welcome to Ecolab’s conference call to discuss our announced acquisition of CoolIT Systems. With me today is Christophe Beck, Ecolab’s Chairman and CEO; and Scott Kirkland, our CFO.

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Today’s presentation deck is available on our Investor Relations website. You can access it now and follow along throughout the call. Please take a moment to read the cautionary statements in these materials, which state that this teleconference and the associated supplemental materials include estimates of future performance. These are forward-looking statements, and actual results could differ materially from those projected. Factors that could cause actual results to differ are described in the Risk Factors section in our most recent Form 10-K and in our posted materials.

This should be the time for gold to shine. The yellow metal has the perfect opportunity to demonstrate its role as a shield for investors against inflation and geopolitics.

Instead, it has crumbled: At one point Thursday it was down 14% from before the Israeli-U.S. war against Iran began. Investors would have been better off in the tiniest microcap stocks than in the oldest source of safety.

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Pune: India’s food consumption is showing early signs of strain as the Iran-Israel conflict disrupts LPG availability, squeezing both households and businesses that rely on gas for daily cooking.

Consumption across key food commodities has weakened over the past three weeks, led by a sharp pullback from hotels, restaurants and the country’s vast network of street food vendors, a key driver of edible oil, flour and poultry demand, especially in the unbranded segment.

Wheat flour sales have fallen 5-7%, reflecting reduced offtake from bread and biscuit makers, while cooking oil demand is down about 6%.

“The demand for refined wheat flour (maida) from the bakery industry for bread and biscuits has reduced by about 5-7% since last 15-20 days due to the shortage of LPG fuel and is feared to go down further,” said Rohit Khaitan, vice president at the Roller Flour Millers’ Federation of India. “With the new crop already in the market, this may put the prices of wheat further under stress.”

The pressure is most visible in the edible oil market, where the bulk consumers have cut purchases. Hotels, restaurants and catering services along with millions of street-side vendors typically consume about 3.5 lakh tonnes of palm oil and 1.5 lakh tonnes of soybean oil each month.

That demand has shrunk.
“The consumption of palm oil by hotels, restaurants and canteens has declined by 40%… while soybean oil consumption is down by about 25%,” said Sandeep Bajoria, chief executive officer at Sunvin Group. Overall, demand from institutional and small food businesses has fallen 30-35%, he said.Yet prices haven’t eased.

“Although edible oil consumption has declined due to reduced demand from hotels and restaurants, the increase in freight, forex and fuel prices are keeping cooking oil prices firm in the off season,” said BV Mehta, executive director of the Solvent Extractors’ Association of India.

The disruption indicates the critical role of informal food networks from office canteens to roadside stalls in driving commodity demand. With LPG supplies constrained, many of these operators have cut hours, trimmed menus, or temporarily shut shop, hitting consumption at the margin.

Demand for gram flour, or besan, a staple for India’s fried snacks, has dropped 10-12% as roadside eateries and small food businesses scale back or shut operations due to fuel shortage.