US-based insurance brokerage firm Hub International has purchased Algentis, for an undisclosed amount.
Algentis, which was established in 2006, is an integrated HR software and services platform, which offers payroll, benefits, insurance and HR services for businesses.
The acquired business will be included into the Californian operations of Hub International Insurance Services.
Hub plans to expand the Algentis platform by adding employee benefit solutions, such as voluntary benefits, ancillary support services and healthcare reform compliance consulting.
Hub International Insurance Services employee benefits national president Mike Barone said that Algentis delivers a streamlined and integrated approach to benefits administration for companies not ready for full in-house capabilities.
"As those companies grow to middle-market companies, we can transition them into more robust customized insurance and benefits solutions," Barone added.
The leadership team of Algentis, as well as operations will report to Barone. It will continue to maintain its current offices, situated in San Francisco, San Jose and Walnut Creek, California.