SEB Acquires Aon Hewitt’s Mid-Market Health and Welfare Benefits Administration Business in Canada
April 3, 2017 (Source) — Smart Employee Benefits Inc. (“SEB” or the “Company“) (TSX VENTURE:SEB) is a leading provider of software, solutions and services which manage mission critical systems and infrastructure for corporate and government clients. SEB is pleased to announce it has entered into an agreement with Aon Hewitt Inc. (“Aon Hewitt“) on March 31, 2017, to acquire Aon Hewitt’s mid-market health and welfare administration business in Canada (the “Admin Business“). The transaction also includes a strategic alliance partnership agreement with Aon. This Admin Business represents 48 clients, many with globally recognized brands, representing over 250,000 plan members across Canada. As part of this transaction, SEB is acquiring several complementary technology platforms and will add approximately 150 employees from across Canada and India.
“This is a benchmark transaction in developing SEB’s Benefits processing business,” states John McKimm, President/CEO of SEB. The transaction also creates a strategic relationship with one of the largest benefits consulting companies in the world. “We believe SEB’s technology expertise will add significant value to the clients of the Admin Business in Canada. We are looking forward to a strategic business relationship with Aon Hewitt on future business initiatives”.
States Mohamad El Chayah, President of SEB Administrative Services Inc., “This transaction is consistent with our goal of driving meaningful growth across SEB Administrative Services Inc. with innovative products, technologies and services that automate clients’ business processes and enhance clients’ business outcomes. SEB has made a substantial investment over the past five years in business process automation solutions focused on health benefits processing. SEB’s Benefits Exchange Platform includes fully integrated administration, adjudication, claims payment, billing, real time reporting, real time fraud identification and real time analytics for all benefit types in one environment. SEB’s Benefits processing solutions also include a fully automated, content-rich health and wellness platform, document management solutions, standalone fraud and analytics solutions and administration and underwriting solutions, which automate the application, underwriting and administration of new insurance product sales. This transaction with Aon Hewitt is one of multiple transactions SEB will be executing in 2017 in the health benefits processing space.”
The transaction was effective on Friday, March 31, 2017. Financial terms were not disclosed.
SEB’s global infrastructure is comprised of two operating divisions: Technology and Benefits. The Technology Division currently serves corporate and government clients across Canada and internationally. The Benefits Division offers SAAS and BPO solutions in the Health Benefits Sector to corporate and government clientele. The Benefits Division operates as a client of the Technology Division. The Technology Division is a critical competitive advantage in supporting the implementation of SEB’s benefits processing solutions into client environments. Benefits processing is a high-growth specialty practice area for SEB.
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The core expertise of both divisions is automating and managing business processes utilizing SEB proprietary software solutions combined with solutions of third parties through joint ventures and partnerships.
Acquisitions, joint ventures, and RFP wins will continue to be dominant influences in driving growth in both the Technology and Benefits Divisions.
This news release is intended for information purposes only. Statements made in this news release may contain “forward looking” information about the company’s future business prospects. These statements while expressed in good faith and believed to have a reasonable basis are subject to risk and uncertainties that could cause actual results to differ materially from those set forth or implied by such forward looking statements. Investors should consult a professional advisor before making any investment decision.
For further information about SEB, please visit www.seb-inc.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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