Reliance Global Group Announces Letter Of Intent For Most Significant Acquisition To Date; During FY24, The Target Is Expected To Generate Over $21M In Revenue, Increasing Reliance's Expected Consolidated Revenue By More Than 100% To $35M Vs $22.83M Est.
Portfolio Pulse from Benzinga Newsdesk
Reliance Global Group, Inc. (RELI) has announced a Letter of Intent to acquire a benefits enrollment company, which is expected to more than double Reliance's revenue to $35M in FY24. The acquisition is set to close in Q1 2024, subject to definitive agreement and customary closing conditions. The target company is a leading provider of voluntary benefits to 45,000 employees in the U.S. and is anticipated to generate over $21M in revenue during FY24.
November 21, 2023 | 1:32 pm
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POSITIVE IMPACT
Reliance Global Group's planned acquisition is expected to significantly increase its revenue, with the target company contributing over $21M in FY24. This strategic move aims to enhance Reliance's product offerings and provide substantial cash flow.
The acquisition is directly related to Reliance Global Group and is expected to have a substantial positive impact on the company's financial performance by more than doubling its revenue. The confidence score is not at the maximum due to the acquisition still being subject to the execution of a definitive agreement and other customary closing conditions.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100