Outsourcing firm Capita is set to buy Bluefin Corporate Consulting for £50 million.
With the acquisition, which is on a cash and debt free basis, Capita will also access Bluefin's benefits management technology, which supports key services for Bluefin and 150 large clients.
Bluefin, currently owned by AXA, provides employee benefits consultancy services. The acquisition will see Bluefin chief executive Nick Burns become head of the combined business. Bluefin employs 548 staff, principally in London.
Paul Pindar, chief executive at Capita, said the acquisition "provides an excellent strategic fit with our existing corporate pensions business, Capita Hartshead". Hartshead also provides data analysis and screening services.
He described Bluefin as having a "market-leading presence in online benefits technology".
John O'Brien, research director at TechMarketView, said the Bluefin technology "will no doubt be of interest to Capita as it seeks to use its scale to cross-sell services to the enhanced customer base".
In other Capita news, the company this week said it would cut up to 400 of its staff as part of a cost reduction plan, drawing the ire of trade unions.
Comments