MDS, a leading Portuguese multinational risk and insurance consultancy, has formed a strategic partnership with North American consultancy, Sequoia Global Network, an employee benefits specialist. This move derives from the MDS Group’s policies on growth, which anticipate expansion related to activities that complement insurance management and risk consulting, be it through organic growth, mergers, or partnerships.
The partnership arises out of Sequoia's willingness to rely on a market leader in Portugal that can address the needs of their multinational customers operating in Portugal and in other countries where MDS maintains a presence. An in-depth assessment preceded the partnership. This assessment shed light on the skills, operational knowledge and high-quality service standards that MDS had to offer.
The Employee Benefits segment represents a significant portion of the premium that MDS manages in Portugal. It is anticipated that the segment will grow, and the partnership with Sequoia will no doubt drive that growth.
José Manuel Dias da Fonseca, Global CEO of the MDS Group, stated that "Benefits are a strategic investment for MDS. They allows us to bring even more added value to our customers and therefore accelerate the company’s growth. Our partnership with Sequoia comes as recognition of the work we’ve accomplished, which has made MDS a leading actor in the Portuguese benefits sector.”
Jill Neilson, Global Leader of the Sequoia Global Network, highlights that "Sequoia will now have a renowned partner in Portugal, providing a trusted support service, and we are now able to refer customer and companies’ subsidiaries to MDS, should they wish to begin operations in Portugal.”
The benefits market presents strong growth potential as companies make significant efforts to provide their employees with compensation packages that will address their individual needs and at the same time attract and retain talent. The MDS Group is paying attention and has grown its offerings organically, through mergers, and again, through partnerships.
Only a few months ago, MDS expanded its activity through acquisition of Ben's, a Brazilian consultancy specializing in flexible benefits currently managing over R$250 million (57.6 million Euros). The MDS Group also acquired a stake in 838 Soluções, a pioneering Brazilian technology firm that has developed automation tools for the management of benefits and flexible benefits. Prior to this acquisition, the Group had already acquired interest in Portuguese company FlexBen, a flexible benefits specialist.
