02:58:40 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Smart Employee Benefits Inc
Symbol SEB
Shares Issued 128,435,689
Close 2017-04-03 C$ 0.21
Market Cap C$ 26,971,495
Recent Sedar Documents

Smart Employee acquires Aon Hewitt's admin business

2017-04-03 09:26 ET - News Release

Mr. John McKimm reports

SEB ACQUIRES AON HEWITT'S MID-MARKET HEALTH AND WELFARE BENEFITS ADMINISTRATION BUSINESS IN CANADA

Smart Employee Benefits Inc. has entered into an agreement with Aon Hewitt Inc. on March 31, 2017, to acquire Aon Hewitt's mid-market health and welfare administration business in Canada. 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, Smart Employee Benefits is acquiring several complementary technology platforms and will add approximately 150 employees from across Canada and India.

"This is a benchmark transaction in developing Smart Employee Benefits' benefits processing business," states John McKimm, president and chief executive officer of Smart Employee Benefits. The transaction also creates a strategic relationship with one of the largest benefits consulting companies in the world. "We believe Smart Employee Benefits' 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."

Mohamad El Chayah, president of SEB Administrative Services Inc., stated: "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. Smart Employee Benefits has made a substantial investment over the past five years in business process automation solutions focused on health benefits processing. Smart Employee Benefits' 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. Smart Employee Benefits' benefits processing solutions also include a fully automated, content-rich health and wellness platform, document management solutions, stand-alone 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 Smart Employee Benefits 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.

About Smart Employee Benefits Inc.

Smart Employee Benefits' global infrastructure comprises two operating divisions: technology and benefits. The technology division currently serves corporate and government clients across Canada and internationally. The benefits division focuses on SAAS (software as a service) and BPO (business process outsourcing) solutions in the health sector and delivers its offerings to corporate and government clientele.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.