Leading integrated employee benefits provider Asperity has been acquired by mid market private equity investor, Inflexion in a buy-out deal valuing the company at £25.5m.
The investment, completed yesterday, will accelerate Asperity's plans to expand its services globally. The company is already number one in the UK and Australia and has developed plans to expand into internationally spurred on by cross-border demand from clients.
In only four years, Asperity has achieved market dominance, signing almost 500 clients including BSkyB, Aviva, Ladbrokes, Kent County Council and TUI Travel. The company provides service to 1.5 million employees enjoying access to employee discounts, cashback, vouchers, salary sacrifice and reward and recognition products.
Asperity's founder and MD, Glenn Elliott, whose efforts have been recognised with two Entrepreneur of the Year awards this year, will remain in his position at the company supported by the current management team. Glenn commented: "Everyone at Asperity is tremendously excited about securing this deal. We've made some outstanding achievements since Asperity started, and Inflexion's investment will provide us with the financial and business muscle that will help us to continue to shape employee benefits markets throughout the world over the next few years. We’ve conducted a comprehensive search for the right partner to help develop internationally and the team at Inflexion has demonstrated fantastic experience and a great track record that we’re really keen to be part of."
The backing from Inflexion demonstrates the success of Asperity’s “more flexible than flex” positioning and business model. True to the spirit of an flexible employee benefits company, Asperity’s (now Reward Gateway) 76 staff will share in the success to the tune of £1million through Asperity’s employee share and bonus scheme.”
Christian Hamilton, Investment Director at Inflexion said: "We're delighted to back an outstanding management team that's delivered a superior product and exponential client growth. Our job is to support Glenn and his team, especially internationally, and help them do even more of exactly what they've been successfully doing over the past 4 years."
Asperity was advised by Clearwater Corporate Finance LLP.