TORONTO, July 9, 2018 /PRNewswire/ - Morneau Shepell announced today the entering into a definitive agreement to acquire all of the outstanding shares of LifeWorks Corporation Ltd. The transaction is subject to customary conditions and is expected to close in late July 2018.
"This acquisition is aligned with Morneau Shepell's global growth strategy as well as our focus on technology innovations to create added value for our clients and their employees," said Stephen Liptrap, President and Chief Executive Officer of Morneau Shepell. "This is a tremendous opportunity to grow our U.S. and global footprint, while building on our technology footprint to create integrated user experiences."
"LifeWorks brings significant, complementary strengths into our employee assistance program (EAP) business," said Rita Fridella, Executive Vice-President, Morneau Shepell and President, Employee Support Solutions. "Morneau Shepell is deeper in the clinical treatment side of workplace health with a strong technology platform. LifeWorks brings an integrated platform focused on EAP, employee engagement, rewards and recognition, and HR communications. Together we create an enhanced integrated employee experience."
"LifeWorks' goal is to positively impact the health and well-being of employees globally with our cutting edge technology. This transaction brings us one large step closer to this goal," said Jamie True, Chief Executive Officer of LifeWorks. "Our more than 500 employees will become a fundamental part of the Morneau Shepell team. LifeWorks' well-being service and platform combined with Morneau Shepell's recognized clinical strength and award-winning employee support solutions cements our position as the leading employee well-being power brand."
Morneau Shepell is already a market leader in Canada with a growing presence in the U.S. and international strength through the Company's growth in key emerging markets. The Acquisition will bolster the Company's geographic footprint through LifeWorks' established presence in the U.S., U.K., Australia and Canada.
About Morneau Shepell Inc.
Morneau Shepell is the only human resources consulting and technology company that takes an integrated approach to employee assistance, health, benefits and retirement needs. The Company is the leading provider of employee and family assistance programs, the largest administrator of retirement and benefits plans and the largest provider of integrated absence management solutions in Canada. As a leader in strategic HR consulting and innovative pension design, the Company helps clients solve complex workforce problems and provides integrated productivity, health and retirement solutions. Established in 1966, Morneau Shepell serves approximately 20,000 clients, ranging from small businesses to some of the largest corporations and associations. With more than 4,000 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States and around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX:MSI). For more information, visit morneaushepell.com.
About LifeWorks Corporation Ltd.
LifeWorks is an employee well-being business which combines employee assistance, wellness, recognition and incentive programs in the United States, Canada, Australia and the United Kingdom. Offering the only unified, modular platform in the employee well-being market, LifeWorks' solution features an evolved employee assistance program, HR communications and community, perks and savings, rewards and recognition, and a wellness program. Its best-in-class user experience and support services help improve employee health and productivity. Formed in 2016 as a result of a joint venture between Work Angel Technology Limited and Ceridian HCM Holding Inc., LifeWorks serves over 4,200 employers across 57 industries, including technology, medical and pharmaceuticals, benefits, banking and finance, insurance, hospitality and consulting. LifeWorks employs a workforce of more than 500 people, and has access to a worldwide network of over 24,000 qualified counsellors, certified coaches and specialized professionals across a variety of disciplines. For more information, visit lifeworks.com.
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SOURCE Morneau Shepell Inc.