Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

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.

Recommended AI News: Bridgecrew Celebrates Significant Growth Milestones in Its First Year of Codified Cloud Security

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.”

Related Posts
1 of 19,756

Recommended AI News: Ubitus assisted IO Interactive in releasing “HITMAN 3 – Cloud Version” on Nintendo Switch(TM) in Major Markets Worldwide

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.

Recommended AI News: HSO Acquires SAGlobal and their 360 Solutions Group

Leave A Reply

Your email address will not be published.