Reliance Global Group Provides Pending Spetner Acquisition Update

24/7 Market News
Tuesday, June 18, 2024 at 1:30pm UTC

DENVER, Colo., Jun 18, 2024 ( Reliance Global Group, Inc. (Nasdaq:RELI) provided an update on its pending acquisition of Spetner Associates, which Reliance Global believes will close in the second half of 2024 and double Company’s annualized revenue to approximately $28 million.

Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group, stated, “We are excited to share that the anticipated impact of the pending Spetner Associates acquisition is surpassing our initial expectations. Spetner’s BenManage voluntary benefit insurance segment has expanded significantly, now covering 85,000 employees—a phenomenal increase from the 45,000 employee lives it covered at the time we first announced the acquisition. While the transaction and due diligence have taken time to complete, we could not be more excited about the continued growth in the underlying business. This is expected to be the largest acquisition in the Company’s history and is set to be a key inflection point for Reliance, projected to double our annual revenues to an estimated $28 million.

“Our ultimate goal is to build a highly profitable business that delivers substantial returns to our shareholders. We are confident that this transformational acquisition will open up significant opportunities that align perfectly with our ‘OneFirm’ go-to-market strategy. We are committed to establishing Reliance as a powerful, technology-driven enterprise that prioritizes sustainable profitability, as well as increased shareholder value, and believe that the acquisition of Spetner Associates will significantly accelerate our growth.”

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