Pluxee: acquisition of Spanish start-up Cobee

(CercleFinance.com) - Pluxee announced on Wednesday evening that it had reached an agreement to acquire Cobee, a Spanish start-up specialising in employee benefits.


Pluxee (ex. Sodexo) explains that the operation will enable it to strengthen its positioning in Spain, a fast-growing market which it considers to be largely underpenetrated.

The transaction, whose financial terms were not specified, should also enable it to enhance its technological capabilities, it says.

Created in 2019, Cobee claims more than 1,500 customers and some 100,000 salaried consumers through an offering that includes meal vouchers, training, health and life insurance or physical well-being.

Also present in Portugal and Mexico, the company expects to record organic growth of 100% this year compared with the previous year.

Pluxee, which specifies that the operation will be entirely financed by its available resources, says it anticipates a neutral impact on its recurring Ebitda and free cash flow in the first year, followed by an expected positive contribution in the second year.


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