Foley Trasimene Acquisition Corp. and Alight Solutions Announce Merger
Alight is a Leading Cloud-Based Provider of Integrated Digital Human Capital and Business Solutions, Serving More than 30 Million People and their Families
Alight Serves 70% of the Fortune 100 and 50% of the Fortune 500 with Long-Term Contracts
Company to Become Publicly Listed through Combination
Partnership Brings Together the Tools and Relevant Experience to Accelerate Revenue and Margin Growth, Resulting in Multiple Expansion
Pro-Forma Enterprise Value of Approximately $7.3 Billion upon Consummation of Transaction
Bill Foley to Become Chairman of the Board of Directors and Help Accelerate Technology Transformation of the Business
Stephan Scholl to Continue Leading the Company as CEO
Alight Solutions, a leading cloud-based provider of integrated digital human capital and business solutions, and Foley Trasimene Acquisition Corp., a special purpose acquisition company, announced that they have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate as Alight, Inc. and plans to list under the symbol ALIT. The transaction reflects an implied pro-forma enterprise value for Alight of approximately $7.3 billion.
With more than 25 years of operating experience, Alight’s human capital business process as a service (“BPaaS”) solutions unite SaaS capabilities, AI, automation and data analytics to deliver superior outcomes for employees and employers across a comprehensive portfolio of services. Alight integrates health, wealth and wellbeing into one holistic and personalized solution, providing a streamlined experience for employees, while enabling employers of all sizes to achieve a high-performance culture.
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William P. Foley, II, Founder and Chairman of Foley Trasimene, stated, “Our team has worked meticulously evaluating hundreds of potential partners through the second half of 2020, and we are excited to announce this transaction with Alight. Stephan and the leadership team have already positioned Alight as the market leader in employee benefit and business solutions and we believe there is significant opportunity to further transform the business and create value for shareholders. Through our partnership, we will leverage our proven playbook and Alight’s unique position between employees and employers to increase revenue growth and margin expansion. Alight is poised to be the preeminent employee engagement partner, and we look forward to assisting Stephan and the team in achieving this goal.”
“Today’s announcement is a significant milestone in our ongoing transformation at Alight. Partnering with proven SPAC sponsor Bill Foley positions Alight to become the preeminent employee engagement partner for employers of all sizes,” said Stephan Scholl, CEO of Alight. “Now more than ever, employees and employers are facing incredible challenges that are impacting their ability to thrive. We are committed to helping our clients and their people make the best decisions for themselves and their families through a personalized, integrated view of their health, wealth and wellbeing. We know that when employees have peace of mind in their personal lives, they are inspired to do their best at work, resulting in higher productivity and an increased return on the investment companies make in their people.”
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Peter Wallace and David Kestnbaum, Senior Managing Directors at Blackstone, said, “Under Blackstone’s ownership, Alight’s leadership team has transformed the company into a leading provider of integrated digital human capital and business solutions for employees and employers. We look forward to remaining significant shareholders alongside Foley Trasimene for the next stage of Alight’s growth.”
Alight Investment Highlights:
- Market leading employee benefits solutions delivered to over 30 million people and family members, including more than 70% of the Fortune 100 and 50% of the Fortune 500, and across diverse industry verticals.
- Scalable, highly secure and cloud-based technology infrastructure and robust core transaction engines that help employers manage approximately 70% of their spend and assist employees in making the most critical decisions around health, wealth and wellbeing.
- Access to a full view of data that places Alight at the center of employee engagement; sophisticated platform enables hyper-personalized solutions.
- Experienced management team with a proven record and diverse experience in software, management consulting, insurance, human capital, domain expertise and business services led by Stephan Scholl, who will continue leading the Company. Best-in-class management team further strengthened with the support of Bill Foley as Chairman of the Board of Directors.
- Attractive financial profile with a highly recurring and diversified revenue with 3-5 year contracts, an average client tenure among top 25 clients of approximately 15 years, 97% revenue retention and approximately 75% of 2021 revenue already under contract.
- Comprehensive and proven M&A and integration strategy, with significant vertical and horizontal acquisition opportunities focused on innovation, scale and market adjacencies that drive engagement and meaningful value for clients.
- Significant value creation opportunities through revenue growth, margin improvement and multiple expansion.
The Board will be comprised of eight directors, including three directors appointed by Foley Trasimene, three directors appointed by Blackstone, Alight CEO Stephan Scholl and one additional independent director. A majority of the directors will be independent, consistent with the applicable listing rules.
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As Node.js is a platform built on Chrome’s JavaScript runtime it helps to develop building scalable network applications. It uses an event-driven, non-blocking I O model which makes it an ideal option for developing for data-intensive real-time applications. Of course, every platform is different. If you want to talk to an expert about whether Node.js makes sense for your business, email us at info@bigroomstudios. Our Node.js consultants will help you better understand your options and build the technology stack that is right for you. The throw-catching mechanism to check errors in Node.js places it ahead of Golang, which requires developers to execute explicit error checking for runtime errors (syntax-related errors get corrected in the code) – increasing the development time. Also, this requires developers to inspect the return value of the function. In Node.js, the errors are detected and corrected immediately at runtime.
M-F ’10:00 AM SHOWS Japanese Prime Minister Fumio Kishida says he wants to travel to South Korea to further strengthen ties between the two countries after President Yoon Suk Yeol’s March visit to Tokyo. Home NewsRadio Khandi Alexander Catherine Duke bitch slap marathon-1 The podcasts of the station’s main shows, as well as audios of Fox News TV shows presented by the channel’s most well-known anchors and hosts, are available for free or for purchase on its website. You are using an outdated browser. Please upgrade your browser to improve your experience. Performance Racing Network (PRN) Contact-Map-Sales Info The BBC World Service Group includes the BBC World Service, BBC Global News Ltd (which comprises the BBC World News Television Channel and bbc news), BBC Monitoring and BBC Media Action(the BBC’s international development charity).
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Remember, there’s at least one holiday “day” for every day in this list of March social media ideas and holidays. Narrating how women are the guiding force that supports the lives of everyone around them, Datsun India’s campaign #DrivenByHer pays tribute to women this International Women’s Day. Here’s a quick reference guide to some of the most popular March social media ideas and holidays so you don’t miss them. Share it or save it to Pinterest to refer to later. Many brands have addressed issues related to women already. On the occasion of Women’s Day, let’s look at some overarching themes by various brands that can serve as great inspirational examples for your campaign’s ideas: And today is the day that raises awareness about women’s rights and gender equality and shines a spotlight on the beauty of womanhood.
Despite suffering a blowout loss on Friday, the Celtics are in prime position to win the NBA Finals tonight. Boston is a 6.5-point favorite over the Mavericks, who must win to force a Game 6 in Dallas. A victory for the Celtics would break their tie with the Lakers and give them an NBA-best 18 championships. The final round of the U.S. Open is underway at Pinehurst, where Bryson DeChambeau is leading the charge for his second Major victory. Bet on the U.S. Open, an MLB game like Yankees-Red Sox, or another sport this weekend after joining DraftKings and FanDuel. Celtics Extend Derrick White as Key Piece in NBA Title Run This offer works for all FanDuel sports markets. Explore additional offers on the FanDuel Sportsbook app. After placing your first $5+ wager, claim a 30% profit boost on any eligible Mavericks-Celtics same game parlay. The SGP must have 3+ legs with +400 odds or longer before FanDuel applies the boost.
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We need some winners after getting shut out for another week with several close calls at the Zurich Classic. This feels like a week to make some headway, however, so let’s get right into our CJ Cup Byron Nelson picks and best bets for the week to tackle this slate. Tom Hoge leads the field in SG: Approach and No. 2 in SG: Total and No. 13 in SG: Putting over his last 36 rounds. Hoge’s best finish in three starts at TPC Craig’s Ranch is T17 in 2022 when he shot 18-under par. Jordan Spieth and K.H. Lee have the best Strokes Gained stats profiles in 8 rounds at TPC Craig Ranch. Lee is No. 1 in Approach, Total and No. 2 in Putting while Spieth is 4, 2 and 21. With the 2023 AT&T Byron Nelson behind us, the golf world’s attention is now officially turned to the PGA Championship.
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