HCM software group, UKG, has acquired EverythingBenefits to expand into the benefits technology sector.
EverythingBenefits is a platform that connects employers to all information pertaining to the insurance, retirement and other benefits of their employees. This is UKG’s first big acquisition after Ultimate Software and Kronos merged with the Group a year ago.
With this acquisition, UKG will be able to incorporate EverythingBenefits’ end-to-end tech solutions into its suite of payroll, HR service delivery, and workforce management products. Users will now be able to “streamline data connectivity between businesses and insurance / retirement plan providers”. This means, through a single platform users will be able to manage their data and experience seamless transactions, including enrolment of new hires into the benefits programme.
Post this acquisition, the solutions offered by UKG Ready and EverythingBenefits will be further unified and harmonised. With the addition of the EverythingBenefits existing partner channel to the already existing UKG Ready Partner Network, UKG will be able to expand its customer base and reach out to small and mid-size businesses as well.
This acquisition will help EverythingBenefits to scale up their offering, and speed up the delivery of their product roadmap, ensuring the best levels of service. The New Jersey-based EverythingBenefits is already supporting over 10,000 employers and millions of users. For UKG, there has been a rise in revenues in the second quarter, to $798 million. Subscription revenue has grown 12 per cent year over year, due to the new contracts and increasing demands from existing customers.