Wed, 20 Nov 2024 | BUSINESS SALE
Private equity backed Ciphr Group has made its largest ever acquisition with the purchase of employee benefits business Avantus.
Reading-based Ciphr, backed by ECI Partners, is a HR software and solutions partner for medium and large businesses in the UK. Its services include HR software, payroll software, recruitment software and an employee benefits platform.
It has a compounding strategy to acquire businesses that bolster its core human capital management offering.
Guildford-based Avantus, founded in 2005, serves more than 400 businesses globally through its employee benefits and rewards platform FlexGenius, and its white-labelled product MyWorkPal. It allows employees to manage and see the value of their eligible core and voluntary benefits, such as salary sacrifice, medical and dental cover, retail discounts, pensions, and financial protection.
Philip Curtis, Avantus’ co-founder and chief executive, and his 30-strong team will join Ciphr Group as part of the deal.
More employers are looking at employee benefits and rewards post-Covid to meet demand for better health and wellness programmes as well as boosting retention figures and attracting new talent in a competitive labour market.
Sion Lewis, chief executive of Ciphr, said: "This acquisition will truly enhance Ciphr’s HCM proposition and is an important step on our growth journey to becoming one of the UK’s top technology companies – providing cutting-edge HR, payroll, learning, recruitment and benefits software and services. One that not only serves its core market but also is the provider of choice for companies based overseas looking to expand into Europe and the UK.”
Curtis said: "With 20 years of experience behind us, our priority was to partner with an organisation that believes in, and shares, our customer-first ethos, and is committed to supporting us in our mission to deliver the very best in employee benefits technology.”
This is the third acquisition in 18 months for Ciphr following its purchase of online learning provider Marshalls, now Ciphr eLearning in April 2023 and cloud-based payroll platform Shape Payroll in June this year.
Find out more about a recent Ciphr deal
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