Abry backs Thomsons Online Benefits
Abry Partners has invested in UK-based employee benefits specialist Thomsons Online Benefits, in a deal that values the firm at £100m.
Abry believes Thomsons is set to benefit from the growing need for businesses to outsource employee benefits due to incoming pensions regulation in the UK. The fresh capital will be used to enhance its main technology platform, Darwin, and increase development and training for Thomsons staff.
Thomsons is also looking to enhance its global position through expanding its offering to the global software-as-a-service market.
Company
Thomsons was founded in 2000 by Michael Whitfield and Chris Bruce. The London-based firm has revenues of £27.4m and operating profit of £2.5m, and employs approximately 240 staff.
The company provides employee benefits platforms for businesses and in 2012 launched its offering to help businesses meet the need for pensions auto-enrolment, part of a wide-ranging reform of UK pensions.
People
Brian St Jean from Abry worked on the deal. Michael Whitfield is CEO of Thomsons.
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