VC Investment backs Asperity's growth plan.
Leading employee discounts provider Asperity Employee Benefits Inc has been acquired by the London based VC, Inflexion Private Equity, in a buy-out deal valuing the company at $40m.
The investment, completed yesterday, will accelerate Asperity's plans to expand its services globally through its key markets of US, UK and Australia.
Since launch five years ago, Asperity has made significant progress, signing over 500 clients in multiple geographies including American Express, AOL, Yahoo!, AT&T, IBM and McKinsey.
Asperity's founder and CEO, Glenn Elliott, whose efforts have been recognised with two Entrepreneur of the Year awards this year, will remain in his position at the company supported by the current management team. Glenn commented: "Everyone at Asperity is tremendously excited about securing this deal. We've made some outstanding achievements since Asperity started, and Inflexion's investment will provide us with the financial and business muscle that will help us to continue to shape employee benefits markets throughout the world over the next few years. We’ve conducted a comprehensive search for the right partner to help develop internationally and the team at Inflexion has demonstrated fantastic experience and a great track record that we’re really keen to be part of."
The backing from Inflexion demonstrates the success of Asperity’s positioning and business model. True to the spirit of an employee benefits company, Asperity’s 76 staff will share in the success to the tune of $2m through Asperity’s employee share and bonus scheme.
Christian Hamilton, Investment Director at Inflexion said: "We're delighted to back an outstanding management team that's delivered a superior product and exponential client growth. Our job is to support Glenn and his team, especially internationally, and help them do even more of exactly what they've been successfully doing over the past 5 years."
Asperity was advised by Clearwater Corporate Finance LLP.
