M&A activity continues in the defined contribution space, with recordkeeping giant Alight Solutions, developer of the Alight Solutions 401(k) Index, and Foley Trasimene Acquisition Corp., a special purpose acquisition company, announcing their merger on Tuesday.
Alight also said it will begin trading on the New York Stock Exchange (NYSE) under the ticker symbols ALIT and ALITW.
To commemorate the merger and the first day of trading, Chief Executive Officer Stephan Scholl, Chief Financial Officer Katie Rooney, and other members of the company’s management team rang the opening bell at the NYSE.
“I am very excited to complete our business combination with Alight and begin working with Stephan and the entire Alight management team,” William P. Foley, II, Founder of Foley Trasimene and the new Chairman of Alight, said in a statement. “We have a tremendous opportunity for growth ahead led by our BPaaS transformation and M&A initiatives. Alight is already an industry leader for employee engagement as the company’s scalable platform serves over 36 million employees and their family members and is installed in 50% of the Fortune 500.”
The 25-year-old Alight provides solutions across health, wealth, and global payroll. Alight’s business process as a service (“BPaaS”) solutions provide “the systems, tools and technologies employees need to maximize the value of their benefits and improve outcomes, driving increased productivity and helping employers develop high-performance cultures,” according to the company.
“A company has no greater asset, responsibility, or opportunity than to take care of and empower its employees,” Scholl added. “The lingering impact of the pandemic coupled with the global talent shortage has made this truer today than ever before. As a public company, Alight will continue to invest in our business and technology, like our Alight Worklife platform, to deliver solutions across health, wealth, and global payroll, that drive employee engagement and provide meaningful outcomes for our clients and their people while delivering value to our stakeholders.”