LifeWorks, a provider of comprehensive mental health, digital and in-person total wellbeing solutions, announced an agreement with Cover-More Group to acquire Benestar, a top employee assistance program (EAP) and workplace wellbeing provider in Australia and New Zealand. Benestar is wholly owned by Cover-More, a company of Zurich Insurance Group.
What were the terms of the transaction?
The acquisition is subject to review by the Australian Competition and Consumer Commission (ACCC). In addition to the deal to acquire Benestar, LifeWorks will have the opportunity to provide certain EAP services for Zurich’s clients on a non-exclusive basis. The deal allows Benestar’s clients to enhance the organisational resiliency of their businesses through:
- Access to LifeWorks innovative suite of services that provide evidence-based digital mental health support, and in-person counselling and organisational consulting, to help businesses support the wellbeing of their people
- The continued investment from LifeWorks in products, systems, and their growing body of knowledge through wellbeing clinical research and analytics.
What were the executives’ thoughts on the transaction?
Senior Vice President and Managing Director, APAC at LifeWorks, Jamie MacLennan, commented, “Benestar and LifeWorks are a natural fit based on our holistic and proactive approaches to workplace wellbeing and because of our shared commitment to our clients.”
“With more than 45 years in the Australian market, LifeWorks offers our clients the most comprehensive portfolio of personalised mental health services, making a substantially positive impact in the lives of people, families and communities, and the firms they work for.”
Chief Executive Officer of Cover-More Group, Cara Morton, said, “This is a strong strategic fit for Benestar and will have a positive flow-on effect for Benestar’s clients and employees.”
“Cover-More Group is primarily focused on global travel insurance, medical assistance and travel risk management so we are very confident that the acquisition of Benestar by LifeWorks means Benestar will make an even greater contribution to the wellbeing of employees and workplaces in Australia and New Zealand businesses,” Morton further said.