Alight, provider of integrated digital human capital and business solutions, saw revenue growth 7.4% to over $3 billion dollars in 2022, with nearly a third of that coming in during the final quarter of the year. In addition, the company’s business process as a service (BPaaS) revenue grew 44.6% to $564 million– accounting for around a fifth of the company’s total revenue.
In reference to the results, Alight CEO Stephan Scholl said that the company is pleased to be ahead of schedule for its expected timeline for growth. He said the company’s “consistent performance” is a testament to the market opportunity that Alight meets. “This momentum gives us confidence as we look to 2023, where we expect double-digit revenue growth with improved margins and operating cash flow,” he added.
In response, Alight approved a two-year strategic transformation, wherein the company plans to conduct a restructuring program to accelerate its back-to-office infrastructure as well as leverage technology to reduce costs.
Past Becomes Present
The company released a number of products in 2022, including:
- Alight Worklife: A platform that combines AI and data with content across health, wealth, clinical navigation, retiree healthcare, payroll and wellbeing to create a personalized and integrated experience that “powers confident decisions and meaningful outcomes.”
- Alight Digital Wallet: An application for flexible pay solutions that includes a pay card and earned wage access that allows for integration into payroll systems.
- Wellbeing Marketplace: A curated network of lifestyle benefits to help employers unlock flexibility and bring more choice to their employees about benefits offerings.
In addition, Alight acquired ReedGroup, a leave management solutions company from the Guardian Life Insurance Company of America in December 2022. The acquisition of ReedGroup built upon the company’s goal of supporting employees and their dependents from hire through the employee lifecycle.