Benefex announces acquisition of Employee Benefits business from Capita01.12.20
After another year of significant growth, today Benefex has entered into agreement to acquire Capita’s employee benefits business.
1 December 2020, LONDON. Following a strategic review, Capita decided to simplify its offering within Pensions and Benefits and sell its Employee Benefits business. As a result, Benefex are acquiring all corporate and SME employee benefit customers. All Capita employees previously working within the employee benefits business are transferring to Benefex. This includes Health, Risk, Global, DC Pensions and Flexible Benefits Consulting plus the Orbit benefits platform and related administration.
• 100+ corporate customers to transfer over to Benefex
• More than 400 SME customers, creating a new division focused on SMEs and High Growth businesses
• Over 100,000 employees added to our SaaS platform
The combined business will now support over 650 customers across more than 50 countries, delivering online benefits, recognition and internal communications designed to enhance every employee’s experience.
On announcing the acquisition, Benefex Founder & CEO, Matt Macri-Waller said: “We are excited to welcome the Capita Employee Benefits team and customers to Benefex. We remain obsessed about our mission to help our customers design and deliver exceptional employee experiences. The newly combined business will help us solve even more of the challenges our customers are facing now and into the future.”
Adam Mason, VP Global and Enterprise said: “For us, this is a tremendous opportunity and one that truly complements our current organic growth. As the only platform a customer needs to run, manage and engage their employees in benefits, the acquisition reinforces our position in both the UK and globally. We have further increased our reach and are pleased to be welcoming so many talented employees and global customers into the Benefex family.
“Working on the transaction over the past three months, we have had the opportunity to spend time with the customers that will be making the move to Benefex, sharing our story and the potential of a partnership with each of them. The nature of the transaction has meant that customers have chosen to move to Benefex. In making that decision, we believe it continues to demonstrate the strength of our proposition, at a time when providers are increasingly being asked to deliver value and support in a very challenging environment and unprecedented trading conditions.”
On the subject of the investment itself, Macri-Waller added: “The fact we have been able to make this investment is a testament to our business performance. It reflects the confidence of our investors in supporting our ambitions both for organic growth, but also where opportunities present, growth through acquisition. Our commitment to both our current customers, and customers of the future, is one of unrelenting focus on solving more for each of them through our OneHub product and the services our incredible people deliver.”