Investment to support product innovation and customer success, helping financial services firms meet their digital communications archiving and regulatory compliance needs 

Austin, TX – September 05, 2024 – MirrorWeb, a leader in the digital communications archiving, supervision, and surveillance software space, today announced a $63 million growth equity investment from Mainsail Partners. The investment will enable MirrorWeb to further accelerate product development and continue to grow its customer success organization, as it helps financial institutions and other regulated companies manage increasing regulatory demands.

“Regulators have never been more focused on ensuring the integrity of financial markets, protecting investors and preventing systematic risk to our economy,” said David Clee, co-founder and CEO of MirrorWeb. “Mainsail’s investment and operational resources will help us continue to support financial institutions as they navigate this environment and to meet their compliance and digital preservation needs.”

Founded in 2016, MirrorWeb provides unified communications supervision software to financial services firms, governments, and other regulated industries across the globe. MirrorWeb’s Insight platform enables firms to capture, archive, and monitor communications across channels, including websites, mobile, email, instant messaging, and social media. The platform facilitates compliance with digital communication regulations and helps firms remain both compliant and audit-ready.

“MirrorWeb’s robust and user-friendly SaaS platform is trusted by organizations globally to help them keep pace with the proliferation of communication channels and proactively improve their compliance management,” said David Farsai, Partner at Mainsail Partners. “We are excited to partner with the MirrorWeb team to continue to deliver the product innovation and support that helps customers meet their regulatory goals.”

“MirrorWeb has demonstrated a commitment to delivering strong customer service and innovative products. We look forward to working with Dave, Phil, and the entire team to double down on this focus, bringing peace of mind to customers facing increasing regulatory pressures,” said Garret Jackson, Vice President at Mainsail Partners.

As part of this investment, David Farsai and Garret Jackson of Mainsail Partners will join the MirrorWeb Board of Directors, along with Romir Bosu, the CEO of Nadavon Capital Partners. DC Advisory served as the exclusive financial advisor to MirrorWeb in this transaction.

Contact:

Kristy DelMuto
(415) 940-2085
kristy@mainsailpartners.com

The comprehensive, technology-enabled platform will leverage data and artificial intelligence to reduce healthcare costs for health plan clients

NEW YORK & DALLAS–(BUSINESS WIRE)–New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm with over $55 billion in assets under management, today announced the completion of a merger among The Rawlings Group (“Rawlings”), Apixio’s Payment Integrity (PI) business, and VARIS to form the leading technology-enabled platform focused on lowering the cost of care across the healthcare system. The combination introduces a next level of payment accuracy and proactive identification of errors in an increasingly complex healthcare environment by leveraging each company’s technology and decades of experience to create a comprehensive platform well-positioned to drive meaningful savings for health plans.

Together, the new company will have an expansive set of capabilities, including subrogation, coordination of benefits, pharmacy payment integrity, and complex claim solutions, to ensure payment integrity and will serve many of the largest health plans in the United States.

Administrative complexity is the top driver of excess spending in the US healthcare system, with this type of waste accounting for an estimated $267 billion in annual costs. Interventions to make healthcare payments more efficient can reduce annual expenditures by as much as $40-60 billion. By unifying solutions across the payment integrity journey, the new company will enable superior healthcare outcomes, including higher payment accuracy and recovery of overpayments, lower medical spending, and substantial savings for health plans.

With its capabilities, scale, proprietary technology, and artificial intelligence (AI) enablement, the company is uniquely positioned to meet payers’ growing demand for improved financial performance and quality. The combined entity’s differentiators include:

• Flexible delivery model: Only company in the market that allows clients to configure the platform to enable their internal payment integrity teams or work with a bench of clinical experts on a fully outsourced basis.
• Market leadership: Impacts over 160 million lives across more than 60 health plan clients, including many of the top 20 plans.
• Meaningful financial outcomes: Over $3 billion in total annual savings and cost avoidance generated through commitment to client service and quality.
• Analytics-powered innovation: Over 500K proprietary algorithms, concepts, and analytic models to drive higher accuracy and efficiency.
• Deep subject matter expertise: Combined organization of over 1,900 technology, coding, legal, and clinical experts.

“This combination of payment integrity leaders will create value across the entire healthcare ecosystem,” said Matt Holt, Managing Director and President, Private Equity at New Mountain. “The new organization will help reduce administrative waste while being a catalyst for lowering healthcare costs for payers, payviders, employers and consumers. This move is built upon our decades of healthcare expertise coupled with an accelerated investment in leveraging big data and AI with a maniacal focus to help bend the cost curve.”

David Pierre will become Chief Executive Officer of the combined entity. Pierre previously served as Chief Operating Officer of Signify Health, where he led over $1 billion in revenue and oversaw the company’s initial public offering in 2021 and subsequent $8 billion sale to CVS Health in 2023.

“We are excited for the growth and innovation that this merger will enable, and the world-class talent ready to unlock value in new ways across the enterprise,” said Pierre. “We share a customer-first approach and are bringing together what we believe are the industry’s best individual capabilities into one, data-rich platform, with the power of analytics to intervene earlier in the claims cycle to drive maximum ROI for our clients.”

As part of the transaction, Apixio’s Connected Care platform and value-based care solutions were acquired by Datavant.

About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, and net lease investment strategies with over $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit http://www.newmountaincapital.com.

About Rawlings
Rawlings, founded in 1977 and based in La Grange, Kentucky, is a leading technology-enabled coverage analytics provider that delivers savings for its health insurance clients by identifying third parties responsible for paying medical claims across its subrogation, coordination of benefits, and drug claim payment integrity offerings. For more information on Rawlings, please visit https://www.rawlingsgroup.com.

About Apixio
Apixio is the Connected Care Platform at the intersection of health plans and providers. The company’s actionable AI technology, flexible services, and seamless workflows power accurate payments and high-quality patient care so that healthcare organizations can thrive as the industry moves toward value-based reimbursement models. Learn more at www.apixio.com.

About VARIS
VARIS, LLC was founded by a team of healthcare professionals with more than 100 years of combined experience in the healthcare industry. VARIS specializes in overpayment identification solutions including DRG and APC. VARIS serves clients who are commercial payers, Medicare Advantage contractors, Medicaid Managed Care contractors, Administrative Service Organizations, and State/Federal programs throughout the country. Learn more at http://www.varis1.com.

Contacts

Media:
Jen Long, 120/80 MKTG
617-784-3245
jen@12080group.com

Dana Gorman / Lisa Pham
H/Advisors Abernathy, for New Mountain Capital
(212) 237-5999
dana.gorman@h-advisors.global / lisa.pham@h-advisors.global

• Ncontracts announces the acquisition of Venminder to broaden its governance, risk and compliance solutions capabilities.
• Hg, a leading investor in software and services businesses, has become a new investor in the combined business, backing Founder and CEO, Michael Berman.
• Gryphon Investors, a leading middle-market private equity firm, has completed a full exit of Ncontracts.

Ncontracts, a leading provider of integrated compliance, risk, and vendor management solutions to the financial services industry, announced today that it has acquired Venminder, a unified platform for managing third-party risk.

Simultaneously with this transaction, Hg has bought out prior Ncontracts shareholder Gryphon Investors (“Gryphon”), as well as prior Venminder shareholders. Hg is a leading investor in software and services businesses and is backing Founder and CEO, Michael Berman, to lead the combined business, which promises to deliver more value to customers via these expanded capabilities.

Acquiring Venminder gives Ncontracts more depth and expertise in third-party risk management, further enhancing its position as a software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) leader in enterprise risk management.  The investment from Hg brings resources and expertise, continuing to strengthen Ncontracts as a leader in governance, risk and compliance (“GRC”) software solutions for banks, credit unions, mortgage companies, fintechs and registered investment advisors, as they grapple with increased risks and regulatory scrutiny.

“We are excited to join forces with Venminder,” said Michael Berman, Ncontracts Founder and CEO. “With our teams coming together to help reduce risk, improve compliance and control costs, we will continue to strengthen the financial industry and the communities they serve. With the investment and support from Hg, we are well positioned to continue our rapid growth. Gryphon has been a valuable partner, and I want to thank their outstanding team of operating partners, operating advisors and investment professionals.”

“Uniting Venminder and Ncontracts will bring tremendous value to our customers,” stated James Hyde, Venminder’s CEO. “This strategic partnership extends beyond third-party risk management, propelling Venminder into the broader integrated risk and compliance space. By combining our strengths, we are poised to deliver even more comprehensive and innovative solutions to our clients and the broader market.  Our unwavering commitment is to continue to support our clients by guiding them through the complex landscape of third-party risk.”

Ncontracts has been named in the prestigious Inc. 5000 list of fastest growing private companies in America for the sixth consecutive year in 2024. This transaction will grow Ncontracts’ customer base further to over 5,000 customers. The investment and acquisition demonstrate Ncontracts’ commitment to continued growth from both an organic and inorganic perspective.

Alan Cline, Head of North America at Hg, said: “We see Ncontracts swiftly becoming a ‘gold standard’ provider of highly automated, AI-enabled, integrated software solutions for the financial industry. The merger with Venminder creates a compelling platform with a comprehensive product suite that can deliver significant value to customers.”

Alexander Johnson, a Director at Hg added: “We’re excited to partner with Michael Berman as he continues to lead and scale the company for its next stage of growth.”

Jon Cheek, Partner & Co-Head of the Software Group at Gryphon, said: “We are delighted to have completed a complex transaction that significantly transforms Ncontracts and positions it to continue to thrive. Through a combination of organic and inorganic growth strategies, Ncontracts has more than quadrupled in size since Gryphon originally invested in 2020. With its comprehensive suite of products meeting the continued demand for sophisticated financial services governance, risk and compliance management tools, the company is poised to continue that aggressive growth going forward.”

Gryphon sees continued attractive opportunity for new platform investments in the GRC sector and retains its investment in separate portfolio company RegEd, a leading provider of enterprise regulatory compliance solutions to insurance companies and financial services firms.

Terms of the acquisition were not disclosed.

Raymond James served as the lead financial advisor to Gryphon, with Atlas Technology Group also advising Gryphon; Kirkland & Ellis acted as Gryphon’s legal advisor. William Blair served as exclusive financial advisor to Venminder.  Choate Hall & Stewart, LLP served as legal counsel to Venminder.  Goldman Sachs served as financial advisor to Hg; Latham & Watkins served as Hg’s legal advisor.

For more information, please contact:

About Ncontracts

Ncontracts provides integrated risk, vendor and compliance management software to a rapidly expanding customer base of over 4,000 financial institutions, mortgage companies, and fintech companies in the United States. The company’s powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly cloud-based solution suite encompassing vendor, organizational, audit, and compliance risk management. Visit www.ncontracts.com or follow the company on LinkedIn and Twitter for more information.

About Venminder

Venminder is the leading provider offering a unified SaaS platform for third-party risk management. The platform is used by more than 1,200 customers to manage the entire vendor lifecycle, from onboarding to offboarding, with ease and efficiency. Venminder combines technology and human expertise to enable customers to manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and much more. Venminder also powers Third Party ThinkTank, the largest online community dedicated to the practice of third-party risk.

TOKYO, September 4, 2024 – KKR, a leading global investment firm, announced today that it will launch its tender offer for the common shares and share options of FUJI SOFT INCORPORATED (“FUJI SOFT” or the “Company”; TSE stock code 9749) through FK Co., Ltd. (the “Offeror”), an entity owned by investment funds managed by KKR (the “Tender Offer”). The tender offer period will commence on September 5, 2024 and run until October 21, 2024 (tender offer price: JPY 8,800 per share). The Board of Directors of FUJI SOFT has resolved today again to express its opinion in support of the Tender Offer and to recommend the shareholders and share option holders of the Company tender their shares and options.

FUJI SOFT is a leading system integrator in Japan with a focus on embedded, control and operational software and systems. The Company serves clients across various industries based on advanced technologies built on decades of experience with a team of over 10,000 system engineers. Under the Company’s five-year “Mid-Term Business Plan 2028,” FUJI SOFT’s vision is to become a leading provider of system, software, and service both in information technology and operational technology fields. The Company’s five-year plan also outlines its strategy to improve the profitability of its existing businesses, strengthen group synergies, and capture new growth opportunities.

The tender offer will be financed predominantly from KKR Asian Fund IV.

For more details regarding the conditions of the tender offer, please refer to the full text of the release issued by the Offeror today titled “Notice Regarding the Commencement of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.” *** This press release should be read in conjunction with the release issued by the Offeror today titled “Notice Regarding the Commencement of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Code: 9749) by FK Co., Ltd.

” The purpose of this press release is to publicly announce the commencement of the tender offer and it has not been prepared for the purpose of soliciting an offer to sell or purchase in the tender offer. When making an application to tender, please be sure to read the tender offer explanatory statement for the tender offer and make your own decision as a shareholder or share option holder. This press release does not constitute, either in whole or in part, a solicitation of an offer to sell or purchase any securities, and the existence of this press release (or any part thereof) or its distribution shall not be construed as a basis for any agreement regarding the tender offer, nor shall it be relied upon in concluding an agreement regarding the tender offer.

The tender offer will be conducted in compliance with the procedures and information disclosure standards set forth in Japanese law, and those procedures and standards are not always the same as the procedures and information disclosure standards in the U.S. In particular, neither sections 13(e) or 14(d) of the U.S. Securities Exchange Act of 1934 (as amended; the same shall apply hereinafter) or the rules under these sections apply to the tender offer; and therefore the tender offer will not be conducted in accordance with those procedures and standards.

Unless otherwise specified, all procedures relating to the tender offer are to be conducted entirely in Japanese. All or a part of the documentation relating to the tender offer will be prepared in English; however, if there is any discrepancy between the English-language documents and the Japanese-language documents, the Japanese-language documents shall prevail. 1 This press release includes statements that fall under “forward-looking statements” as defined in section 27A of the U.S. Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934. Due to known or unknown risks, uncertainties or other factors, actual results may differ materially from the predictions indicated by the statements that are implicitly or explicitly forward-looking statements. Neither the Offeror nor any of its affiliates guarantee that the predictions indicated by the statements that are implicitly or expressly forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information held by the Offeror as of today, and the Offeror and its affiliates shall not be obliged to amend or revise such statements to reflect future events or circumstances, except as required by laws and regulations.

The Offeror, its financial advisors and the tender offer agent (and their respective affiliates) may purchase the common shares and share options of the Company, by means other than the tender offer, or conduct an act aimed at such purchases, for their own account or for their client’s accounts, in the scope of their ordinary business and to the extent permitted under financial instrument exchange-related laws and regulations, and any other applicable laws and regulations in Japan, in accordance with the requirements of Rule 14e-5(b) of the U.S. Securities Exchange Act of 1934 during the tender offer period. Such purchases may be conducted at the market price through market transactions or at a price determined by negotiations off-market. In the event that information regarding such purchases is disclosed in Japan, such information will also be disclosed on the English website of the person conducting such purchases (or by any other method of public disclosure).

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com. For more information, please contact: KKR Asia Pacific Wei Jun Ong +65 6922 5813 WeiJun.Ong@kkr.com

Zellis Group agrees to acquire Benify in transformational global benefits software combination

• Benify to be combined with Zellis Group’s benefits administration and employee engagement software business, Benefex. Together, Benefex and Benify will offer enhanced product and services capabilities to customers globally
• Complementary geographic footprints improve ability to serve customers in the fragmented benefits administration and employee engagement software segment

Zellis Group (or the “Company”), a portfolio company of funds advised by Apax Partners LLP (“Apax”) providing HR, payroll, and benefits administration software, today announced that it has reached a definitive agreement to acquire Benify, a provider of employee benefits administration software, from Vitruvian Partners. As part of the transaction, Benify will be combined with Zellis Group’s benefits administration and employee engagement software business, Benefex, and Vitruvian Partners will become a minority investor in Zellis Group alongside the Apax Funds.

Together, Benefex and Benify will create a leading global benefits, reward, recognition, and employee engagement software provider with an enhanced value proposition to customers globally. Benefex and Benify are highly complementary, and this acquisition creates a truly global solution, powered by an expanded geographic network, a strengthened product portfolio, and a broader range of services. The combination will allow customers to benefit from a deeper suite of platform integrations across HR, Payroll and Benefit Carriers. This acquisition comes at a time when global employers are accelerating investment in technology to create a single global experience across benefits and reward, underpinned by a focus on eliminating administration and ensuring compliance.

Benefex was acquired by the Zellis Group in 2018, and has since experienced rapid global growth, powering exceptional employee experiences for customers through its modern benefits management, brokering, and engagement offerings.

Founded in 2004, Benify is a pioneer of benefits administration software services and today offers best-in-class benefits and total rewards solutions via a globally enabled SaaS platform. Following a long-term growth investment programme under Vitruvian ownership since 2011, Benify has evolved from a Sweden-focussed business into a global business within its field.

Combined, Benefex and Benify will support c.3,000 companies across more than 100 countries to transform and align the experiences of more than 5 million employees through their modern benefits, wellbeing, broking, rewards and recognition, and communications offerings. Together, the two businesses will be better able to enhance employee experiences across the globe.

Matt Macri-Waller, CEO of Benefex said: “We’re excited by the opportunity that this combination provides for new and crucially current customers of both Benify and Benefex. 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, whilst 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 commented: “We look forward to joining Zellis Group and Benefex to create a leading player in HCM software. 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. We are grateful for the support we have received from Vitruvian in accelerating our international growth journey over the past decade.”

Adam Garson, Principal at Apax, said: “When the Apax Funds invested in the Zellis Group, we identified an opportunity to accelerate the growth of Benefex and help establish the business as a leading provider in the large, fragmented, and growing global benefits administration software segment. The combination with Benify is an important milestone in this growth journey and we look forward to working with the teams at Zellis Group, Benefex, and Benify as the two companies come together.”

Jussi Wuoristo, Partner at Vitruvian Partners, said: “We are delighted with Benify’s remarkable growth journey to date which has been made possible thanks to the continued commitment of the Benify management team, its founders and its employees over the years. Since our investment, Benify has organically multiplied in size many times over and thus emerged as a strong global player in its field. We are excited to be able to continue our support to the company as a minority shareholder of Zellis Group and are highly enthusiastic about the road ahead.”

Zellis Group was advised by Arma Partners, Evercore, and Kirkland & Ellis. Benify and Vitruvian were advised by Deutsche Bank and Bird & Bird. Completion of the proposed transaction is subject to customary closing conditions. Financial terms were not disclosed.

Zellis Group agrees to acquire Benify in transformational global benefits software combination

• Benify to be combined with Zellis Group’s benefits administration and employee engagement software business, Benefex. Together, Benefex and Benify will offer enhanced product and services capabilities to customers globally
• Complementary geographic footprints improve ability to serve customers in the fragmented benefits administration and employee engagement software segment

Zellis Group (or the “Company”), a portfolio company of funds advised by Apax Partners LLP (“Apax”) providing HR, payroll, and benefits administration software, today announced that it has reached a definitive agreement to acquire Benify, a provider of employee benefits administration software, from Vitruvian Partners. As part of the transaction, Benify will be combined with Zellis Group’s benefits administration and employee engagement software business, Benefex, and Vitruvian Partners will become a minority investor in Zellis Group alongside the Apax Funds.

Together, Benefex and Benify will create a leading global benefits, reward, recognition, and employee engagement software provider with an enhanced value proposition to customers globally. Benefex and Benify are highly complementary, and this acquisition creates a truly global solution, powered by an expanded geographic network, a strengthened product portfolio, and a broader range of services. The combination will allow customers to benefit from a deeper suite of platform integrations across HR, Payroll and Benefit Carriers. This acquisition comes at a time when global employers are accelerating investment in technology to create a single global experience across benefits and reward, underpinned by a focus on eliminating administration and ensuring compliance.

Benefex was acquired by the Zellis Group in 2018, and has since experienced rapid global growth, powering exceptional employee experiences for customers through its modern benefits management, brokering, and engagement offerings.

Founded in 2004, Benify is a pioneer of benefits administration software services and today offers best-in-class benefits and total rewards solutions via a globally enabled SaaS platform. Following a long-term growth investment programme under Vitruvian ownership since 2011, Benify has evolved from a Sweden-focussed business into a global business within its field.

Combined, Benefex and Benify will support c.3,000 companies across more than 100 countries to transform and align the experiences of more than 5 million employees through their modern benefits, wellbeing, broking, rewards and recognition, and communications offerings. Together, the two businesses will be better able to enhance employee experiences across the globe.

Matt Macri-Waller, CEO of Benefex said: “We’re excited by the opportunity that this combination provides for new and crucially current customers of both Benify and Benefex. 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, whilst 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 commented: “We look forward to joining Zellis Group and Benefex to create a leading player in HCM software. 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. We are grateful for the support we have received from Vitruvian in accelerating our international growth journey over the past decade.”

Adam Garson, Principal at Apax, said: “When the Apax Funds invested in the Zellis Group, we identified an opportunity to accelerate the growth of Benefex and help establish the business as a leading provider in the large, fragmented, and growing global benefits administration software segment. The combination with Benify is an important milestone in this growth journey and we look forward to working with the teams at Zellis Group, Benefex, and Benify as the two companies come together.”

Jussi Wuoristo, Partner at Vitruvian Partners, said: “We are delighted with Benify’s remarkable growth journey to date which has been made possible thanks to the continued commitment of the Benify management team, its founders and its employees over the years. Since our investment, Benify has organically multiplied in size many times over and thus emerged as a strong global player in its field. We are excited to be able to continue our support to the company as a minority shareholder of Zellis Group and are highly enthusiastic about the road ahead.”

Zellis Group was advised by Arma Partners, Evercore, and Kirkland & Ellis. Benify and Vitruvian were advised by Deutsche Bank and Bird & Bird. Completion of the proposed transaction is subject to customary closing conditions. Financial terms were not disclosed.

Zellis Group agrees to acquire Benify in transformational global benefits software combination

• Benify to be combined with Zellis Group’s benefits administration and employee engagement software business, Benefex. Together, Benefex and Benify will offer enhanced product and services capabilities to customers globally
• Complementary geographic footprints improve ability to serve customers in the fragmented benefits administration and employee engagement software segment

Zellis Group (or the “Company”), a portfolio company of funds advised by Apax Partners LLP (“Apax”) providing HR, payroll, and benefits administration software, today announced that it has reached a definitive agreement to acquire Benify, a provider of employee benefits administration software, from Vitruvian Partners. As part of the transaction, Benify will be combined with Zellis Group’s benefits administration and employee engagement software business, Benefex, and Vitruvian Partners will become a minority investor in Zellis Group alongside the Apax Funds.

Together, Benefex and Benify will create a leading global benefits, reward, recognition, and employee engagement software provider with an enhanced value proposition to customers globally. Benefex and Benify are highly complementary, and this acquisition creates a truly global solution, powered by an expanded geographic network, a strengthened product portfolio, and a broader range of services. The combination will allow customers to benefit from a deeper suite of platform integrations across HR, Payroll and Benefit Carriers. This acquisition comes at a time when global employers are accelerating investment in technology to create a single global experience across benefits and reward, underpinned by a focus on eliminating administration and ensuring compliance.

Benefex was acquired by the Zellis Group in 2018, and has since experienced rapid global growth, powering exceptional employee experiences for customers through its modern benefits management, brokering, and engagement offerings.

Founded in 2004, Benify is a pioneer of benefits administration software services and today offers best-in-class benefits and total rewards solutions via a globally enabled SaaS platform. Following a long-term growth investment programme under Vitruvian ownership since 2011, Benify has evolved from a Sweden-focussed business into a global business within its field.

Combined, Benefex and Benify will support c.3,000 companies across more than 100 countries to transform and align the experiences of more than 5 million employees through their modern benefits, wellbeing, broking, rewards and recognition, and communications offerings. Together, the two businesses will be better able to enhance employee experiences across the globe.

Matt Macri-Waller, CEO of Benefex said: “We’re excited by the opportunity that this combination provides for new and crucially current customers of both Benify and Benefex. 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, whilst 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 commented: “We look forward to joining Zellis Group and Benefex to create a leading player in HCM software. 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. We are grateful for the support we have received from Vitruvian in accelerating our international growth journey over the past decade.”

Adam Garson, Principal at Apax, said: “When the Apax Funds invested in the Zellis Group, we identified an opportunity to accelerate the growth of Benefex and help establish the business as a leading provider in the large, fragmented, and growing global benefits administration software segment. The combination with Benify is an important milestone in this growth journey and we look forward to working with the teams at Zellis Group, Benefex, and Benify as the two companies come together.”

Jussi Wuoristo, Partner at Vitruvian Partners, said: “We are delighted with Benify’s remarkable growth journey to date which has been made possible thanks to the continued commitment of the Benify management team, its founders and its employees over the years. Since our investment, Benify has organically multiplied in size many times over and thus emerged as a strong global player in its field. We are excited to be able to continue our support to the company as a minority shareholder of Zellis Group and are highly enthusiastic about the road ahead.”

Zellis Group was advised by Arma Partners, Evercore, and Kirkland & Ellis. Benify and Vitruvian were advised by Deutsche Bank and Bird & Bird. Completion of the proposed transaction is subject to customary closing conditions. Financial terms were not disclosed.