Acquisition establishes an HR platform that integrates payroll, benefits, insurance and HR compliance.
Chicago September 22, 2014 -
Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Algentis, LLC, an integrated HR software and services platform that seamlessly integrates payroll, benefits, insurance and HR compliance for businesses. Terms of the acquisition were not disclosed. Algentis will become a part of the California operations of Hub International Insurance Services Inc. (Hub California).
Algentis was founded in Silicon Valley in 2006. Algentis’ clients include some of the fastest-growing companies from early-stage startups to growth-stage companies. Hub will optimize and expand the Algentis platform for a national rollout, including by adding to it a broader carrier network, employee benefit solutions such as voluntary benefits, ancillary support services and healthcare reform compliance consulting.
“Algentis delivers a streamlined, integrated approach to benefits administration for companies not ready for full in-house capabilities,” noted Mike Barone, National President, Employee Benefits. “As those companies grow to middle-market companies, we can transition them into more robust customized insurance and benefits solutions.”
The Algentis leadership team and operations will report to Barone. Algentis will maintain its current offices, located in San Francisco, San Jose and Walnut Creek, California. Hub California has 29 offices and more than 850 employees in the state.
“Smaller companies are typically resource-constrained, and serving as a virtual HR department for them, empowers them to get on with the business of growing their business,” explained Brian Helmick, Founder, Algentis. “The additional layers of resources, expertise, and carrier relationships that Hub brings will create an even more powerful solution that will grow with our clients.”
The Algentis HR Platform enables Hub to administer employee benefits, payroll, workers' compensation, recruiting tracking, risk/safety management, healthcare reform compliance and HR compliance and training.
“Smaller employers are continuing to be caught unaware of the regulations in the Affordable Care Act and ongoing healthcare reform changes that are impacting them,” stated Sibyl Bogardus, Chief Compliance Officer for Hub. “Hub is at the forefront of guidance on insurance, benefits and risk management that assures compliance. Being able to offer a comprehensive solution to smaller employers to navigate ACA and other HR-related regulations, like FMLA or workers’ compensation, is critical.”
About Hub’s M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit www.WeAreHub.com.
About Hub International
Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States, Canada and Latin America. For more information go to www.hubinternational.com.
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Source: HUB International Limited