HR, payroll, and benefits administration software firm Zellis Group has reached an agreement to acquire employee benefits administration software provider Benify from Vitruvian Partners.
The transaction will see Benify be combined with Benefex, Zellis Group’s benefits administration and employee engagement software business, while Vitruvian Partners will become a minority investor in Zellis.
Benefex and Benify will create a global benefits, reward, recognition and engagement software solution in order to better able to enhance employee experiences across the globe. They intend to transform and align the experiences of 3,000 organisations across more than 100 countries, and more than five million employees, through their benefits, wellbeing, broking, rewards and recognition, and communications offerings.
Their aim is also to create an expanded geographic network, a strengthened product portfolio, and a broader range of services across HR, payroll and benefit carriers.
Zellis Group was advised by Arma Partners, Evercore, and Kirkland and Ellis. Benify and Vitruvian were advised by Deutsche Bank, and Bird and Bird.
Benefex was acquired by the Zellis Group in 2018, while Benify has been owned by Vitruvian since 2011.
Matt Macri-Waller, chief executive officer (CEO) of Benefex, said: “Together we share a common goal of powering a truly global and exceptional employee experience for our customers and this acquisition develops the global capabilities of our products and services, whil bringing together the depth of talent that sits across both organisations.”
John Petter, CEO of Zellis Group, added: “This represents an exciting next chapter for the Zellis Group and is an early demonstration of the commitment of the Apax Funds to our continued growth.”
Joakim Alm, CEO of Benify, said: “By combining our respective strengths, we will further expand our products, services and value to our customers and their employees. The transaction is a testament to Benify’s track record of achieving profitable growth through delivering world class solutions to our customers and the hard work and dedication of our entire team.”
