Pluxee to acquire Cobee, an innovative Spanish digital player in Employee Benefits
12 Giugno 2024 - 5:45PM
Pluxee to acquire Cobee, an innovative Spanish digital player in
Employee Benefits
Pluxee to acquire Cobee, an
innovative Spanish digital player in Employee
Benefits
- Acquisition of
100% of Cobee, Spanish fast-growing digital-native player with
multi-benefit offering and cutting-edge technology
- Pluxee to
reinforce leadership position in Spain, an underpenetrated and
growing Employee Benefits market, while boosting its tech
capabilities globally
- Transaction to
be fully funded from existing financial resources
- Acquisition
expected to be neutral to Recurring EBITDA and Free cash flow in
year 1 and accretive to Recurring EBITDA margin and net income in
year 2
- First milestone
in deployment of Pluxee’s M&A strategy as part of its strategic
growth plan
Paris: June 12, 2024 // Pluxee
(the “Group”), a global player in Employee Benefits and Engagement,
today announces that it has signed an agreement to acquire 100% of
Cobee, a Spanish Employee Benefits digital-native player. With this
acquisition, Pluxee will deliver the first milestone of its
targeted and disciplined M&A strategy as part of its strategic
growth plan. The transaction is subject to approval by Spanish
regulatory authorities.
Cobee is a fast-growing Spanish Employee
Benefits player that has expanded its presence to Portugal and
Mexico. The company serves more than 1,500 clients and 100,000
employee consumers with a broad multi-benefit offering, which
includes over 12 products such as meal vouchers, training, health
and life insurance, physical well-being and employee discounts,
among others. Cobee’s best-in-class, modular technology has been
pivotal to this success, enabling exponential growth since its
launch in 2019. The company is expected to deliver +100% YoY
organic growth in Fiscal 2024. Cobee’s strong potential was
recognized early, with the company winning first place in BBVA’s
Open Talent 2019, the world’s largest FinTech competition.
With over 330,000 employee consumers, Pluxee is
a leading player in the Spanish Employee Benefits and Engagement
market. The combination of Pluxee’s and Cobee’s talents,
capabilities, and technology will create the most complete,
competitive, and attractive solution in Spain and Mexico,
broadening the Group’s existing benefits offering and enhancing its
tech capabilities at global scale.
Given its high growth profile, Cobee is expected
to be neutral for Pluxee recurring EBITDA and free cash flow in
year 1 and accretive to recurring EBITDA margin and net income in
year 2, with rapid margin improvement fuelled by strong revenue
growth and operational synergies. The transaction is expected to be
fully funded from existing financial resources, with limited impact
on leverage.
Aurélien Sonet, CEO of Pluxee,
commented:
“The acquisition of Cobee will represent a
significant milestone for Pluxee, strengthening the Group’s
position in the Spanish growing and underpenetrated Employee
Benefits market. We have been impressed by Cobee’s performance
since its inception, powered by its consumer centric multi-benefit
offering and best-in-class technology, which we will leverage to
unlock the potential of our clients, including SMEs.
We look forward to welcoming Cobee’s teams.
Borja Aranguren, Co-founder and Chief Executive Officer and Ignacio
Travesí, Co-founder and Chief Sales Officer, are like-minded
entrepreneurs sharing our ambition to realize the full potential of
the Employee Benefits market. Cobee’s teams have demonstrated
robust technological expertise and a strong business drive. I am
confident that by combining them with Pluxee’s high-performing
teams, we will accelerate our growth trajectory and deliver a
unique proposition to our clients, consumers, merchants and
partners.”
About Pluxee
Pluxee is a global player in employee benefits
and engagement that operates in 31 countries. Pluxee helps
companies attract, engage, and retain talent thanks to a broad
range of solutions across Meal & Food, Wellbeing, Lifestyle,
Reward & Recognition, and Public Benefits. Powered by leading
technology and more than 5,000 engaged team members, Pluxee acts as
a trusted partner within a highly interconnected B2B2C ecosystem
made up of more than 500,000 clients, 36 million consumers and 1.7
million merchants. Conducting business for more than 45 years,
Pluxee is committed to creating a positive impact on local
communities, supporting wellbeing at work for employees and
protecting the planet.
For more information: www.pluxeegroup.com
About Cobee
Cobee is a Spanish startup supporting companies
in managing employee benefits and compensation through a
centralized digital platform. Its powerful SaaS tool drastically
reduces administration and paperwork and improves the company’s
employer branding. In turn, employees can access and enjoy all
benefits in the most flexible manner, in a single place and with a
single card, which translates into unprecedented usage and uptake
ratios.
Since its foundation in 2019 by Borja Aranguren,
Ignacio Travesí and Daniel Olea, Cobee has been supported by well
renowned venture capital funds through several financing rounds. It
has expanded its Spanish operation to Portugal and Mexico. Today,
it has over 180 employees and it serves more than 1,500 company
clients with over 100,000 users.
For more information: www.cobee.io
Contacts
Media Cecilia de Pierrebourg +33 6 03 30 46 98
cecilia.depierrebourg@pluxeegroup.com |
Analysts
and Investors Pauline Bireaud+ 33 6 22 58 83
51pauline.bireaud@pluxeegroup.com |
- Press release_Pluxee to acquire Cobee
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