Zellis Group acquires Benify to ‘create a leading player in HCM software’

Zellis Group, a portfolio company of funds advised by Apax Partners LLP, has agreed to acuire Benify, a provider of employee benefits administration software, from Vitruvian Partners.

HR, payroll and benefits administration software provider Zellis Group reported a revenue of £201.4 million in 2022.

The agreement will see Benify combined with Benefex, Zellis Group’s benefits administration and employee engagement software business.

The deal marks the start of a “new chapter” for the Zellis Group, according to CEO John Petter, who explained in a statement that the acquisition is an “early demonstration of the commitment of the Apax Funds to our continued growth.”

The news marks yet another M&A of 2024, as it follows closely behind Lightcast's acquisition of Stratigens last week.

The path ahead for Zellis Group and Benify

The acquisition sees Benefex and Benify joining forces to become a benefits, reward, recognition, and employee engagement software provider offering an enhanced value proposition to customers globally.

Customers will therefore gain access to a deeper suite of platform integrations across HR, payroll and benefit carriers.

We’re excited by the opportunity that this combination provides for new and crucially current customers of both Benify and Benefex, " Matt Macri-Waller, CEO of Benefex said in a statement.We’re excited by the opportunity that this combination provides for new and crucially current customers of both Benify and Benefex, " Matt Macri-Waller, CEO of Benefex said in a statement.

“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 organizations.”

Benefex, which was acquired by the Zellis Group in 2018, has strengthened its employee experiences capabilities for customers by expanding its modern benefits management, brokering, and engagement offerings.

The acquisition will see Benefex and Benify supporting 3,000 companies, spanning over 100 countries and impacting more than 5 million employees.

Joakim Alm, CEO of Benify expressed his excitement explaining that by joining Zellis Group and Benefex, Benify will create a “leading player in HCM software,” while allowing the business to continue to expand on its products, services and customer value.

He added: “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.”