Benefits platform Pluxee acquires peer Cobee

Pluxee have announced their impending acquisition of Cobee, a Spanish Employee Benefits platform. 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 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 has seen exponential growth since its launch in 2019 and the company won 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 technology will create a solution for Spain and Mexico, broadening the Group’s existing benefits on a transcontinental 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 minimal impact on leverage. 

Aurélien Sonet, CEO of Pluxee, commented: “The acquisition of Cobee will represent a significant milestone for Pluxee, strengthening the Group’s position in the  Spanish growing and underpenetrated Employee Benefits market. We have been impressed by Cobee’s performance since its inception, powered by its consumer centric multi-benefit offering and best-in-class technology, which we will  leverage to unlock the potential of our clients, including SMEs. 

"We look forward to welcoming Cobee’s teams. Borja Aranguren, Co-founder and Chief Executive Officer and Ignacio  Travesí, Co-founder and Chief Sales Officer, are like-minded entrepreneurs sharing our ambition to realize the full  potential of the Employee Benefits market. Cobee’s teams have demonstrated robust technological expertise and a  strong business drive. I am confident that by combining them with Pluxee’s high-performing teams, we will accelerate  our growth trajectory and deliver a unique proposition to our clients, consumers, merchants and partners.”