People Corporation Announces Acquisition of Collage Technologies Inc.
- Enables People Corporation to Offer Integrated, Leading HR, Benefits Administration and Payroll Solutions to Small and Medium-Sized Businesses Across Canada
- Provides People Corporation with a Digital Platform to Support its Growing Third Party Distribution Network
- Complements People Corporation’s Third Party Administration Platform That Delivers Flexible Administration Solutions to the Enterprise and SMB Markets
WINNIPEG, Manitoba, Nov. 05, 2019 (GLOBE NEWSWIRE) -- People Corporation (TSX-V: PEO) (the “Company”) announced today that it has closed the acquisition of Collage Technologies Inc. (“Collage”) (the “Transaction”). Based in Toronto, Collage was established in 2016 and has become a leading cloud-based digital human resource (“HR”), employee benefits administration and payroll solution provider focused on the small and medium sized business (“SMB”) segment in Canada. Terms of the Transaction have not been disclosed.
Collage currently offers two primary solutions to SMBs that form a technology backbone that connects group benefits plan members (employees), group benefits plan sponsors (employers), group benefits consultants and insurance carriers in one integrated end-to-end solution:
- Benefits HQ – digital enrollment, online marketplace, benefits administration and group benefits advisor practice management platform; and
- Collage HR – market-proven HR platform for SMBs that syncs with multiple insurance carriers and payroll providers to simplify HR administration for SMBs.
In addition, Collage continues to deliver Collage Payroll Services, which offers full-service managed payroll and administration services for SMBs.
People Corporation and Collage will continue to deliver Collage’s solutions directly to SMBs and third-party advisors, while leveraging People Corporation’s distribution and product capabilities. Collage’s open integration philosophy enables it to deliver best-in-class solutions for SMBs, and it will continue to enhance the strong and growing relationships with group benefit providers and insurance carriers across the country.
Collage’s team has joined People Corporation, bringing deep expertise building digital solutions, which will further enable the Company to enhance technology-enabled product and service delivery and integration across its business. Furthermore, the addition of Collage to the People Corporation group of companies has a number of strategic benefits, including:
- Collage’s digital platforms advance People Corporation’s technology-related value proposition by providing a seamless group benefits experience, including digitizing enrollment, simplifying and digitizing administration, and enhancing the user experience for plan members and plan sponsors;
- Benefits HQ provides a powerful technology-based platform that will enhance the value proposition to group benefits advisors within People Corporation’s existing captive and third party distribution networks, as well as attract new partners to the Company; and
- Collage HR enhances the Company’s value proposition for SMBs, adding another important component as the Company continues to move toward an integrated, multi-faceted solution that meets all of the group benefits, HR and payroll needs of SMBs.
“Canadian plan members, plan sponsors and consultants are increasingly demanding integrated and comprehensive solutions, delivered through a cutting-edge digital platform,” said Laurie Goldberg, Chairman and CEO of People Corporation. “As a full-service, national provider of group benefits, group retirement and human resource services, we are committed to leveraging technology to enhance the experience for all stakeholders in the group benefits ecosystem. Across our Enterprise and SMB platforms, our team continues to focus on driving innovation, enhancing our digital-delivery capabilities and strategically integrating our product and service offerings. The combination of Collage’s digital delivery platform with People Corporation’s vast distribution reach and breadth of solution offerings, will significantly enhance our ability to offer ‘packaged’ HR, benefits administration and payroll solutions to small and medium-sized businesses.”
Elijah Moore, co-founder of Collage, added, “We founded Collage three years ago because we saw a massive opportunity to change the way benefits plans are bought and sold, by uniting HR, benefits administration and payroll in a single technology-enabled platform. Collage has generated rapid growth to this point, and combining with People Corporation’s culture, extensive distribution network, and client-focused product and service portfolio, we expect to be well-positioned to generate the necessary scale to take the business to the next level. I know I speak on behalf of our entire team when I say that we are all very excited about what we can achieve together.”
Mr. Goldberg added, “I would like to welcome the entire Collage team to the People Corporation family. I am confident that, together, we will continue to drive meaningful change in the group benefits, group retirement and human resource sectors, while delivering value to all stakeholders.”
About People Corporation
People Corporation () is a national provider of group benefits, group retirement and human resource services. The Company has offices across Canada, each led by a team of experts and backed by the resources of a national company that is traded on the TSX-V. The Company’s industry experts provide uniquely valuable insight while customizing an innovative suite of services to the specific needs of its clients. Whatever your sector, whatever your scale, putting People Corporation’s expertise and proven track record to work will make a difference to your people and your bottom line. Further information is available at .
Forward-Looking Information
This news release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as “may”, “will”, “expect”, “believe”, "intends", "likely", or other words of similar effect may indicate a “forward-looking” statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at ). Those risks and uncertainties include the ability to maintain profitability and manage organic or acquisition growth, reliance on information systems and technology, reputation risk, dependence on key clients, reliance on key professionals and general economic conditions. Many of these risks and uncertainties can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.
Investor Relations Inquiries:
Jonathan Ross, CFA
Investor Relations - People Corporation
(416) 283-0178
Dennis Stewner, CPA, CA
CFO and COO - People Corporation
(204) 940-3988
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