March 25, 2015
Edenred increases its stake in ProwebCE
Edenred has increased its stake in ProwebCE, the French leader in solutions for works councils. The transaction will enable Edenred to broaden its range of services in France's employee benefits market.
ProwebCE offers a comprehensive range of solutions for works councils, which includes management and accounting software and an e-commerce platform that enables employees to use the funds allocated to them to purchase culture and leisure-related goods and services. With a portfolio of more than 7,000 clients, representing 5 million employee beneficiaries, ProwebCE generated €8 million in EBITDA in 2014.
Edenred and the ProwebCE management team have joined forces to acquire 100% of the capital of ProwebCE. Through this transaction, the Group is expanding its employee benefits offering and intends to create new growth opportunities thanks to the sales synergies between the two companies.
"Works councils occupy a key position on the French employee benefits market and ProwebCE has become a recognized expert and leader in this field, making it the ideal partner to help us develop this high-potential business," said Jacques Stern, Chairman and Chief Executive Officer of Edenred.
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