IRIS FMP supported private equity company Iconex acquire 740 employees in 21 countries.
Acquisition of 740 employee division in 21 countries
Our client is a private equity company comprising 17 platform companies with approximately 23,000 employees that operate from over 120 facilities worldwide.
They acquired a division of a global technology company, employing over 700 people in 21 countries and established it as a new, standalone business, trading independently from the parent company.
IRIS FMP was tasked with managing the employee transfer, working with the purchaser and seller senior management teams, the seller HR division and local legal counsel benefits brokers in each country to ensure a smooth transition for all involved.
The project involved:
- Advising on the nature and implications of the employment change as a result of the transaction
- Advising on, preparing and issuing the appropriate paperwork to individual employees, including new employment agreements and transfer of employment letters
- Supporting employee consultation processes and ensuring legal requirements were met
- Identifying individual immigration requirements and taking the necessary steps to ensure migrant workers could continue working in the new organization post-sale
- Replication of the seller’s employee benefits programmes, establishing new insurance programmes for the purchaser and overseeing the enrolment or transfer of all impacted employees into these
- Supporting the smooth data transfer between seller and purchaser payroll and HR functions
- Overall project management of the HR compliance activity, ensuring key stakeholders from all parties were always up to date on progress and milestones
- Acting as the employees’ main HR point of contact to offer a seamless
Following the closure of the transaction, IRIS FMP has been embedded in the new company’s global HR division, providing ongoing HR and employee benefits support to anyone who needs it, and building HR policies and processes in alignment with the client’s.
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