Pluxee to acquire Cobee, an innovative Spanish digital player in Employee Benefits

• Acquisition of 100% of Cobee, Spanish fast-growing digital-native player with multi-benefit offering and cutting-edge technology

• Pluxee to reinforce leadership position in Spain, an underpenetrated and growing Employee Benefits market, while boosting its tech capabilities globally

• Transaction to be fully funded from existing financial resources

• Acquisition expected to be neutral to Recurring EBITDA and Free cash flow in year 1 and accretive to Recurring EBITDA margin and net income in year 2

• First milestone in deployment of Pluxee’s M&A strategy as part of its strategic growth plan
  
  

Paris: June 12, 2024 // Pluxee (the “Group”), a global player in Employee Benefits and Engagement, today announces that it has signed an agreement to acquire 100% of Cobee, a Spanish Employee Benefits digital-native player. With this acquisition, Pluxee will deliver the first milestone of its targeted and disciplined M&A strategy as part of its strategic growth plan. The transaction is subject to approval by Spanish regulatory authorities.

Cobee is a fast-growing Spanish Employee Benefits player that has expanded its presence to Portugal and Mexico. The company serves more than 1,500 clients and 100,000 employee consumers with a broad multi-benefit offering, which includes over 12 products such as meal vouchers, training, health and life insurance, physical well-being and employee discounts, among others. Cobee’s best-in-class, modular technology has been pivotal to this success, enabling exponential growth since its launch in 2019. The company is expected to deliver +100% YoY organic growth in Fiscal 2024. Cobee’s strong potential was recognized early, with the company winning first place in BBVA’s Open Talent 2019, the world’s largest FinTech competition.

With over 330,000 employee consumers, Pluxee is a leading player in the Spanish Employee Benefits and Engagement market. The combination of Pluxee’s and Cobee’s talents, capabilities, and technology will create the most complete, competitive, and attractive solution in Spain and Mexico, broadening the Group’s existing benefits offering and enhancing its tech capabilities at global scale.

Given its high growth profile, Cobee is expected to be neutral for Pluxee recurring EBITDA and free cash flow in year 1 and accretive to recurring EBITDA margin and net income in year 2, with rapid margin improvement fuelled by strong revenue growth and operational synergies. The transaction is expected to be fully funded from existing financial resources, with limited impact on leverage.