Mutual life insurers and employee benefits provider The Guardian Life Insurance Company of America (Guardian) has acquired Coloradao-based Reed Group.
Terms of the transaction were not disclosed.
Reed Group assists customers in reducing the cost, compliance risk and complexity of employee absences while its products and services address FMLA, ADA, state leaves, company leave plans, and short- and long-term disability programs.
Following the completion of transaction, Reed will operate as an independent, wholly owned subsidiary of Guardian under the existing brand name.
The acquired company currently operates through three divisions, namely Reed Group Services, to help manage and administer claims and absences; LeavePro, a software solution that helps employers manage absences; and MDGuidelines, a web-based return-to-work toolkit.
The acquisition also complements Guardian's disability and absence management portfolio.
Cain Brothers & Company had served as exclusive financial advisor on the transaction and DLA Piper acted as legal counsel to Reed Group.