Mergers & Acquisitions ·
Reliance Global Group completes sale of Altruis Benefit Consulting for $8M cash plus up to $1M earnout
EZRAReliance Global Group, Inc.
Reliance Global Group completed the sale of its Altruis Benefit Consulting subsidiary for an $8 million cash purchase price, with potential additional earnout payments of up to $1 million over three years based on revenue growth. The company received approximately $7.5 million in cash at closing after the buyer paid off a $3.1 million secured promissory note; the remaining balance is held as customary indemnity and working capital holdbacks. This transaction follows the September sale of Southwestern Montana Insurance Center and represents continued execution of the company's portfolio monetization strategy to divest non-core insurance agencies. The proceeds are intended to strengthen the balance sheet and fund investments in its proprietary AI platform, RELI Exchange. Reliance Global Group is an InsurTech company leveraging artificial intelligence and cloud computing to transform the insurance agency and brokerage industry.