Alight To Sell Payroll & Professional Services Business
Alight, a provider of cloud-based human capital technology and services, has entered into a definitive agreement to divest its Professional Services segment and its Payroll & HCM Outsourcing businesses within the Employer Solutions segment (the "Payroll & Professional Services business") to an affiliate of H.I.G. Capital for up to $1.2 billion, subject to certain adjustments.
Stephan Scholl, Chief Executive Officer, stated, "Combining our strategic partnership with the Payroll & Professional Services business alongside our robust benefits offerings, delivery capabilities, data analytics, and artificial intelligence will ensure that both prospective and existing clients stay at the forefront of wellbeing and benefits solutions."
Luca Saracino, Head of the Payroll and Professional Services business, added, "By concentrating our investments and efforts on enhancing our highly distinctive, end-to-end technology and service capabilities, we will be able to deliver significant additional value for our clients. With the support, expertise, and resources of H.I.G., as well as our ongoing commercial partnership with Alight, we are poised to become the preferred partner for global enterprises."
Matt Lozow, Managing Director at H.I.G., commented, "As businesses continue to expand globally and grapple with complex technology and compliance needs, we believe that the Payroll & Professional Services business is uniquely positioned to assist clients in addressing these challenges. We see tremendous potential for further growth and eagerly anticipate collaborating with the team to build upon their achievements and leadership position in the market."
