Reliance Global Group to acquire Spetner Associates for $13.7M; sees revenue doubling to ~$28M

Reliance Global Group, Inc.

Acquires 80% of Spetner for $13.7M total: $8M cash + stock + promissory note; option to buy remaining 20% based on EBITDA.
Spetner's BenManage platform serves over 75,000 employees; projected 2024 revenue >$14M and Adjusted EBITDA >$4M.
Deal anticipated to close in 2024 subject to conditions; company plans $10M equity offering to fund cash portion.
Acquisition aligns with 'OneFirm' strategy; CEO calls it 'most significant' in company history.
Post-acquisition, Reliance projects combined revenue of approx. $28M for FY 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Reliance Global Group, Inc. entered into Stock Exchange Agreement with Spetner Associates valued at $13,714,286.00 (effective 2024-05-14).

Action: entry
Agreement: asset purchase
Counterparty: Spetner Associates
Value: $13,714,286.00
Effective: 2024-05-14

Exact text from the filing

On May 14, 2024, Reliance Global Group, Inc. (the “Company”) announced the signing of a definitive agreement to acquire Spetner Associates (“Spetner”), a well-established benefits enrollment company that, through its BenManage benefits enrollment company, is a leading provider of voluntary benefits to over 75,000 employees throughout the United States.

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Source: SEC EDGAR

accession 0001493152-24-019516

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