eBenefits NETWORK

About the Case Study


eBenefits’ Founder & CEO, Ash Rofail, was not new to this process. Having previously held executive positions at Microsoft (Chief Architect: MS ERP), and Sage (Chief Architect), and successfully exiting his first enterprise (2005), he knew the kind of partner he was looking for; A partner who believed in the mission of the company and possessed the wherewithal to take eBenefits and its team of 100 people to the bigger stage. Ash and the management team had managed to achieve great success for their bootstrapped operations, serving 600+ insurance carriers across 25+ HRIS and HRMS platforms, managing over 100,000 daily transactions. With two owners, one who was ready to sell and another who wanted to stay, EXA and their model proved to be the perfect solution. Liquidity for the owner exiting the business, and a strong growth partner for the owner staying.

The Decision to Sell

“The decision to sell our business to EXA was based on a deeply shared vision for the future and their ability to provide strong execution support for our growth strategy for years to come”

After being courted by a dozen acquirors, ranging from large software conglomerates to private equity firms, EXA stood out from the pack. From day one, their ability to understand our business, deliberate consideration of our strong customer relationships, and compassion for building a blazing future for the people, along with their forceful operator experience and sales playbook, for eBenefits, EXA was exactly what we were looking for in a buyer.

Post-Acquisition Success

Ash continues to run eBenefits as its CEO, along with the entire management team. The collaboration and advisership received from EXA has catapulted growth on all avenues, and EXA’s operator and financial discipline helped eBenefits turn the corner towards an expansion path much quicker than anticipated. Since the acquisition of eBenefits (June 2020), the team has experienced 30% YoY revenue growth, 18% growth in staff count, and over 239% growth in EBITDA.

“If your primary objectives are to find a way to grow your organization, your team and your platform, then EXA could really be the partner you’re looking for.”


Reston, Virginia

Acquisition Date

June 2020

Vertical Market

Insuretech/Benefits Administration

Ash Rofail, Founder & CEO