UKG acquired benefits-solution provider EverythingBenefits, which helps HCM firms, brokers and payroll businesses build connections between employers and the providers of insurance and retirement plans.
The organizations know each other well. UKG Ready and EverythingBenefits are already integrated through an existing technology partnership. The latter company said the acquisition will create new opportunities to further unify solutions and develop a more “harmonized” customer experience.UKG acquired benefits-solution provider EverythingBenefits, and will seek to expand its solutions and customer base. @UKGInc #HR #HRTech Click To Tweet
UKG will continue to sell the EverythingBenefits solution through its existing partner channel. This will create a second UKG channel offering that complements the UKG Ready Partner Network to help the company expand its reach into the SMB market, the company said.
The transaction will help “rapidly scale our offering, accelerate the delivery of our product roadmap and ensure the highest levels of service for years to come,” said EverythingBenefits CEO Rachel Lyubovitzky.
In an interview with NJ Tech Weekly, Lyubovitzky said her New Providence, N.J.-based company supports more than 10,000 employers and millions of users. While she acknowledged the role employees, partners and customers have had in its growth, she gave “huge credit to our technology, that’s making our lives and the lives of the members of our ecosystem easier and is solving many of the challenges that had been plaguing the benefits space in the past.”
Last week, UKG reported an increase in fiscal second-quarter revenue, to $798 million. Subscription revenue grew 12% year over year, which the company credited to new contracts and increasing purchases by existing customers.
The announcement came just weeks after the company concluded its UKG Connections virtual conference. There, it unveiled the idea of Life-Work Technology, a new theme for its products. Essentially, the company aims to bring people and HCM technology together so that employers can support the balancing of work with personal life.