The two companies offer the underlying technology of benefit packages and pensions for labor unions; compare their products to Workday software for HR and payroll. Both companies have been in operation for four decades and are combining to leverage the full force of their joint institutional knowledge in the labor union fintech space, former basys CEO Jenny Morgan told Technical.ly. Financial details of the deal were not shared.
“By putting the two companies together we get the real benefit of what I’m going to call the intellectual property of the knowledge of how to service this industry,” said Morgan, who is now the new CEO of the company created from the merger.
basys and ISSI will remain distinct brands and products with the teams at both companies remaining at their respective HQs in Baltimore and Maple Shade, New Jersey. basys is headquartered in the Baltimore Gateway building off of I-95 in West Baltimore. All employees from both companies will transition in the merger, for a total of about 350 employees at the new company. It’s an effort to cause as little disruption as possible to the more than 300 companies served by the basys and ISSI platforms, Morgan said.
“We are hoping that with this merger, we can look for some technology innovation to sit on top of both platforms,” she said.
As the technology roadmap of the company expands, the company will be looking for web developers, UX designers, product managers and other technical roles. As the merged company is so new that it does not yet have a site, those interested in joining it can apply at the basys site.
The merger now makes equity firms BPOC and Five Arrows Capital Partners majority stakeholders in the new company, although Harbour Benefit Holdings, the former owner of ISSI, will remain invested in the new company.
Donte Kirby is a 2020-2022 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Robert W. Deutsch Foundation. -30-