MONTREAL, Oct. 3, 2023 /CNW/ - AGA Benefit Solutions is pleased to announce the acquisition of Cangaroo, a Quebec-based small business that developed a versatile and high-performing online HR management software. This move will enable AGA to expand its service offering to Canadian businesses and allow Cangaroo to leverage AGA's growth in order to quickly gain market shares.
Human resources management and group benefits management are closely connected. Cangaroo has developed an expertise in both and stands out from the competition with a service offering combining HR software design and group insurance and retirement services. Their goal is to transform employee and employer experience by streamlining HR management. The Cangaroo HR software helps businesses manage employee records, group benefits, performance reviews, and requests for time-off. It also allows employers to manage job applications in a few clicks and timesheets with an online time stamp.
"With the enactment of Law 25, our clients are looking for efficient and high-performing human resources management solutions; on the other hand, we were seeking to complete our service offering by adding an HR solution to facilitate access to group insurance and group retirement services and to streamline their management. In this sense, this acquisition is a perfect match, as it will fuel our growth prospects and enable us to onboard forward-thinking talent," pointed out Martin Papillon, President and Chief Executive Officer of AGA.
"This is a timely transaction, said David Théberge, cofounder and President of Cangaroo. Our business was reaching an inflection point, and we wanted to take action to extend our reach, give us fresh momentum to quickly expand our client base and continue to develop our platform to pursue our mission of transforming the employee experience while enabling our employers to simplify HR management. At AGA, we found people who shared our vision and our culture and who embrace ambitious challenges. We are looking forward to seeing this alliance take shape on a daily basis!"
AGA concluded the acquisition in partnership with Novacap. The transaction was effective October 2, 2023, and both teams have already begun their cooperation.
A leader in the development and administration of custom-made group insurance plans and group pension plans, AGA ranks among Canada's largest benefit providers. Founded 45 years ago, AGA serves more than 2,700 clients from offices located in Montreal, Quebec City, Toronto, Calgary, and Vancouver. The firm supports more than 200,000 plan members with the management and adjudication of their claims and boasts over $1 billion in insurance premiums and group retirement assets. For more information, please visit aga.ca.
Founded in 1981, Novacap is a leading North American private equity firm with over C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in Industries, TMT, Financial Services, and Digital Infrastructure, Novacap's deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial capital, Novacap has the resources and knowledge needed to help build world-class businesses. Novacap has offices in Montréal, Toronto, and New York.
For more information, please visit www.novacap.ca
Founded in Montreal in 2015 at the initiative of David Théberge and Bernard Dupuis and Lee McDonald. The three cofounders positioned themselves on the market by offering HR management solutions not only to their group insurance and group retirement service clients, but also to any small business seeking an efficient HR management platform. The firm now has almost 20 employees working in group benefits, and in software development and programming.
SOURCE AGA Benefit Solutions
Martin Papillon, President and CEO, AGA Benefit Solutions, 514 471-0554, [email protected]; David Théberge, Cangaroo, 450 500-0458, ext. 405, [email protected]; Yasmine Sardouk, Novacap, 450 651-5000, [email protected]
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