Workforce Holdings acquires medical insurance provider for R25,6 million

Workforce Holdings Limited (“Workforce”) (JSE: WKF), has acquired the GetSavvi group of companies with effect from 1 June 2021 with a maximum purchase consideration of R25 649 672.

GetSavvi is involved with the provision of affordable, quality health insurance and other specialised short term insurance products to the market, both under the GetSavvi brand and white labelled for corporate customers. The company is presently primarily focused on the consumer market but is also seeking to grow its corporate client base. GetSavvi currently has in excess of 7 300 policy holders.

The medical insurance products currently comprise 6 different offerings ranging from a basic hospital plan through to more comprehensive plans that include day-to-day cover for optometry and dentistry. In addition, GetSavvi has developed new product offerings outside of health insurance.

These products include, “GetSavvi En-Sure”, an income replacement insurance product for surviving members and dependents, “FeelBetterFast”, a digital voucher service for use at pharmacies for minor ailments/tests and medical assessments and “GetSavvi E-Hailer”, an industry-specific suite of insurance offerings catering to Uber drivers and similar, covering both driver and vehicle.

GetSavvi is an addition to Workforce’s growing Financial Cluster which offers optimised financial services, lifestyle benefit packages and support services that ensures protection against unforeseen financial events.

GetSavvi’s commitment to making private healthcare accessible to more South Africans is complementary to the Essential Employee Benefits (“EEB”) business unit, which offers affordable, quality insurance and lifestyle products within South Africa and beyond. This new addition will give EEB access to additional depth in management and systems, helping both companies expand. Furthermore, the GetSavvi group of companies are profitable and contribute critical mass and scale to the Group’s Financial Services Cluster.

Wayne Moosa, the CEO of Get Savvi is very optimistic about the acquisition, “The GetSavvi team is excited to be working with a dynamic company like Workforce,” Moosa commented, “This transaction offers us an incredible opportunity for growth and gives us the ability to access Workforce’s significant infrastructure and client base. At a time when we now have a clear mandate to expand our healthcare offering throughout South Africa, this can only be good for both parties.”

Commenting on the rationale for the acquisition, Ronny Katz, CEO of Workforce adds, “The GetSavvi group of companies have aligned interests with Workforce when it comes to providing quality yet affordable health insurance services. This acquisition will allow Workforce to grow our current offerings with new technologies and resources, providing both Workforce and GetSavvi with exciting opportunities for expansion.”

About Workforce Holdings Limited (www.workforce.co.za)

Workforce Holdings and its group of companies is a leading, trusted provider of employment, training, healthcare, wellness and financial and lifestyle services and benefits to individuals and their employers. Human capital solutions include: temporary employment services, permanent placement recruitment, training and skills development, healthcare and wellness, disability solutions, financial and lifestyle services and business process outsourcing. Workforce Holdings Limited is listed on the AltX board of the JSE, and employs over 1 200 permanent staff and paying approximately 32 000 temporary contractors weekly.