Lakewood-based Reliance Global Group on Wednesday it said it will acquire Spetner Associates. Spetner, through its BenManage benefits enrollment company, is a leading provider of voluntary benefits to over 75,000 employees throughout the U.S.
Spetner’s benefits enrollment company streamlines human resources processes by combining benefits enrollment and administration with applicant tracking, onboarding and payroll. This integration reduces paperwork and simplifies tasks for HR professionals.
“We could not be more thrilled to enter this definitive agreement to acquire Spetner, which we are confident will prove to be the most significant acquisition in the company’s history,” Ezra Beyman, CEO of Reliance, said. “We expect that the addition of Spetner will more than double our current revenue and generate an adjusted EBITDA of more than $4 million in 2024.”
Reliance, an insurtech pioneer, leverages artificial intelligence and cloud-based technologies to transform and improve efficiencies in the insurance agency/brokerage industry. The acquisition is monumental for Reliance, not just in scale, but in its strategic fit within the company’s broader strategy.
It is expected to more than double Reliance’s current revenue, with Spetner projected to generate over $14 million during fiscal year 2024, bringing Reliance’s revenue to approximately $28 million, while contributing meaningful earnings before interest, taxes, depreciation and amortization along with a high EBIDTA-to-revenue ratio.
“I am very excited about partnering Spetner Associates with Reliance. Together we will be able to enhance our offerings in the world of employee benefits to significantly increase revenue,” Jonathan Spetner, president of Spetner Associates, said.
