Ciphr Group has acquired the employee benefits platform provider Avantus for an undisclosed sum.
Avantus was founded in 2005, and over 400 businesses worldwide use its benefits and rewards platform FlexGenius, and its white-labelled solution MyWorkPal.
This is Ciphr’s first acquision in the employee benefits business, and largest acquisition to date. It builds on the company’s strategy to acquire UK businesses that complement its core HCM (human capital management) offering. Earlier this year it bought Shape Payroll.
Philip Curtis, Avantus’ co-founder and CEO, and his 30-strong team will join the Ciphr Group.
Avantus’ platform enables employers to deliver unlimited, personalised benefits choices to multi-generational workforces with diverse needs and differing expectations and priorities.
It says its platform can help strengthen organisations’ employee value proposition, support retention, recruitment and talent recognition strategies, and streamline the admin process for HR.
This platform also allows employees to manage and see the value of their eligible core and voluntary benefits, such as pensions, salary sacrifice, medical and dental cover, retail discounts and financial protection.
Sion Lewis, CEO of Ciphr, says: “Avantus has a great reputation across the benefits and rewards industry for creating functionality-rich, people-centric technology that aims to make our working lives better. It’s redefining and democratising employee benefits, giving people greater autonomy to choose or approve the benefits they genuinely want, and 24/7 access to manage their choices and see their total rewards statement anywhere, anytime.
“Retaining staff has been a key challenge for UK organisations this year. And we know from customer research ‘benefits’ are a real value-add and top priority for HR teams – helping to reduce attrition and support employee wellbeing.”
Lewis adds: “This acquisition will enhance Ciphr’s HCM proposition and is an important step on our growth journey to becoming one of the UK’s top technology companies – providing HR, payroll, learning, recruitment and benefits software and services.”
Avantus confirmed that existing clients can expect a seamless transition, with continued dedicated support from the Avantus team.
Curtis says: “With 20 years of experience behind us, our priority was to partner with an organisation that shares our customer-first ethos, and is committed to supporting us in our mission to deliver the very best in employee benefits technology.
More than 800 organisations use people management solutions from Ciphr, including Volkswagen Group UK, Crisis UK, Bensons for Beds, Natural History Museum, the Met Office, Financial Conduct Authority, Barnardo’s, Police Scotland, Greater London Authority, University of Oxford, University of Cambridge, and the Irish Universities Association.