< Back to Media centre

London, 10 January, 2005

Leading employee benefits consultants and award winning technology provider, thomsons online benefits, have today announced a management buyout, with the Directors partnering with Pi Capital, an independent venture capital manager investing in growing UK unquoted businesses.

The management team and Pi Capital together now own 100% of the business, having purchased the stake previously owned by AWD plc, the leading UK independent financial adviser.

thomsons online benefits is an employee benefits consultancy and technology provider. It's industry award winning technology solution “Perquisite” offers the only fully integrated online benefits solution in the UK, delivering traditional, flexible and voluntary benefits, both in the UK and internationally. It was founded with two aims: to capitalise on the potential web-based technology presented to eliminate paper-based administration and process inefficiencies of traditional employee benefits and; to revolutionise benefit communication.

The founders (Michael Whitfield and Chris Bruce) initiated the buy-out process to enable them to accelerate the company's growth and to develop their technology solution for the broader employee benefit consulting marketplace. They will remain with the company.

Michael Whitfield, Managing Director of thomsons online benefits, commented: “Our partnership with Pi Capital will enable us to dominate the online employee benefits market and to make our award winning solution “Perquisite” the default choice for HR and Benefit professionals. The calibre, experience and corporate influence of Pi Capital's membership gives us access to a wealth of contacts, knowledge and additional opportunities”.

David Giampaolo, Chief Executive of Pi Capital, said today: “In finalising this transaction we draw a close to a highly successful year which has seen Pi Capital members invest in a variety of sectors and types of transaction. The broad experience of our membership and its ability to add substantial value to all investee companies, in both monetary and commercial terms, reaffirms Pi Capital's unique position within the private equity market.”

“We are really excited about where thomsons online benefits can go. It is already profitable and successful and we can see it setting the standard for online benefits well into the future”.

thomsons online benefits developed the first paperless and signatureless enrolment process for Group Personal and Stakeholder Pensions in the UK. They also created the first direct technology links with benefit providers using XML. Their clients include MTV, Smith and Nephew, Reed, Regus and Vanco plc.

thomsons online benefits will retain the same regulatory status and will remain an appointed representative of AWD Consultancy Ltd.

- Ends -

NOTES TO EDITORS

About Pi Capital

Pi Capital is an independent venture capital manager investing in growing UK unquoted businesses. It specialises in smaller buyouts and expansion capital for businesses seeking £1.5 million to £5 million across a range of sectors. What makes Pi Capital different is that it represents a network of the UK's most successful entrepreneurs and business builders, whose diverse and unique contacts and skills can add real value to the companies Pi Capital supports, both during due diligence and post investment. Pi provides its investors with the option to invest in interesting opportunities on a deal by deal basis. Further information can be found at www.picapital.co.uk.

For further information, please contact:
Claire Maloney, Capital MS&L Tel: +44 (0) 20 7878 3181

About thomsons online benefits

thomsons online benefits was founded in 2000 to revolutionise the way that benefits are administered and communicated. They have won the following awards “Corporate Adviser of the Year” in the Money Marketing Financial Services Awards 2004, “ Most Effective Use of an International Benefits Strategy" in the Employee Benefits Awards 2004, “Advanced Supply Chain Integration" National Innovation category and "E-business" for London region in the DTI Ecommerce Awards 2004. thomsons online benefits is a trading name of The Benefit Express Ltd (t-bX). Further information can be found at www.thomsonsonlinebenefits.com

For further information, please contact:

Caroline Shenton, thomsons online benefits Tel: +44 (0) 20 7808 7588