South Africa-based Alexander Forbes Group Holdings Ltd. is partnering with Evo Financial Services to grow its healthcare business, Bloomberg News reported March 26, citing the companies.
Under the partnership deal, Alexander Forbes will have access to Evo Financial Services' healthcare consulting clients in the mining industry and labor unions, while Evo Financial Services will receive operational support in return. Initially, 12 million South African rand worth of consulting work will be subcontracted, the companies said.
Alexander Forbes CEO Andrew Darfoor told Bloomberg News in October 2017 that the company was eyeing 22 small and large potential deals in Africa. The deal with Evo comes amid efforts by the South African government to increase the participation of the majority black population in the economy, according to the report.
Alexander Forbes offers integrated retirement, investment, life, and insurance solutions in South Africa and internationally. As a wholly owned unit of South African home finance services provider ooba (Pty) Ltd, Evo Financial Services primarily focuses on bond origination, among other financial products.
As of March 26, US$1 was equivalent to 11.68 South African rand.