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M&A
Pluxee to acquire Cobee; expands employee benefits offering
Remote Work Infrastructure
Jun 12, 2024
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Remote Work Infrastructure

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Jun 12, 2024

Pluxee to acquire Cobee; expands employee benefits offering

M&A

  • 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.

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