Reliance Global Group ( (RELI) ) has provided an update.
Reliance Global Group has revised the terms for the acquisition of Spetner Associates, significantly reducing the upfront cash payment from $8 million to $5.5 million, which is expected to benefit shareholders and provide financial flexibility. The deal, which is set to close in the second half of 2024, is projected to nearly double the company’s annual revenue to around $28 million and enhance Adjusted EBITDA. The acquisition aligns with Reliance’s ‘OneFirm’ strategy to build a profitable and technology-driven company, and marks an exciting growth phase for the company with Spetner’s BenManage segment now covering over 85,000 employees.
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