Capita has today sold its Employee Benefits business to Benefex Financial Solutions (“Benefex”) as part of its strategic decision to simplify its portfolio.
Included in the sale is Capita’s Health and Global consulting and brokerage business as well as its Flexible Benefits Consulting and Administration business. Orbit, Capita’s online benefits platform, is also included and is being licenced to Benefex. Capita colleagues employed previously by this business have transferred to Benefex, a provider of employee benefit solutions and employee benefit consulting services.
Following a strategic review, Capita made the decision to simplify its Pensions and Benefits business within its People Solutions division and sell its Employee Benefits business. This will enable investment and growth to be focused singly on Capita’s market-leading Pensions business that provides pensions consulting, investment and Master Trust services, as well as administering the pensions of over 4.7 million members from over 450 schemes in UK and Ireland.
Chantal Free, Capita People Solutions’ Executive Officer, said: “We are delighted to have finalised the sale of our Employee Benefits business to Benefex. The transaction will enable us to grow and focus investment in our Pensions business, particularly in areas of digitisation, data and member experience. We feel this is the right strategic decision for our business, as well as the best outcome for our clients, their employees and importantly our colleagues, who will move to Benefex as part of the transaction.”
Benefex Founder & CEO, Matt Macri-Waller, said: “We are excited to be welcoming the Capita Employee Benefits team and customers to Benefex. We remain obsessed about our mission of helping our customers design and deliver exceptional employee experiences. The newly combined business will help us solve even more of the employee benefit and pension challenges our customers are facing.”