Global employee benefits and engagement provider Pluxee is set to acquire Cobee, a Spanish platform that automates the employee benefits management process. The acquisition deal, which is subject to the approval of Spanish regulatory bodies, is financed solely from Pluxee's existing financial resources.

With this acquisition, Pluxee, which already has a strong presence in the Spanish employee benefits market, seeks to reinforce its leadership position in Spain while enhancing its tech capabilities globally. By integrating Cobee's high-growth profile and modular technology into its operations, Pluxee expects to have a neutral impact on Pluxee's recurring EBITDA and free cash flow is neutral in the first year but expected improved recurring EBITDA margin and net income in the second year.

Pluxee is a global leader in employee benefits and engagement in 31 countries. It offers solutions under Meal & Food, Wellbeing, Lifestyle, Reward & Recognition, and Public Benefits categories to help companies attract and retain talent.

Analyst Quicktake: We view this acquisition as crucial for gaining leadership in the Spanish market for employee benefits management. In November 2022 , Cobee raised approximately USD 41 million to expand into Spanish and Portuguese-speaking countries in Latin America, following significant revenue growth and high customer interest.