LifeWorks (formerly Morneau Shepell) Strengths, Domain Expertise, and Key Differentiators
LIfeWorks is a provider of technology-enabled HR services that deliver an integrated approach to well-being through a cloud-based platform. The focus is on providing everything clients need to support the mental, physical, social and financial well-being of their people.
LifeWorks (formerly Morneau Shepell) Recent Developments
In May 2021 LifeWorks (formerly Morneau Shepell) has changed its ticker symbol on the Toronto Stock Exchange (TSX). Effective May 20, 2021, the Company’s shares will trade on the TSX under the symbol “LWRK.” In the interim, shares will continue trading under the symbol “MSI.” LifeWorks Inc.’s new CUSIP number assigned to the Company’s common shares is 53227W105 and its transfer agent is AST Trust Company. Existing shareholders are not required to take any action with respect to the rebranding and ticker symbol change.
LifeWorks (formerly Morneau Shepell) Mergers and Acquisitions (M&A) Activities
In September 2021 LifeWorks acquired Ascender, a leading psychological services provider in the field of employee health and wellbeing. Headquartered in the Netherlands, Ascender’s highly experienced team of 38 employees and approximately 40 freelancers will join LifeWorks and continue to operate out of its 25 locations across the Netherlands, with existing clients seeing their services continue uninterrupted. As Ascender is integrated into LifeWorks global operations, it will operate in the Netherlands on a largely standalone basis, servicing clients throughout the Benelux region. With Ascender’s strong track record of growth, local knowledge, and clinical expertise, the move will allow LifeWorks to continue to expand its total wellbeing solutions to domestic European markets and harness its existing relationships with insurance providers, hospitals, and care companies as well as (multi)nationals working out of the Netherlands post-Brexit.
In February 2021 LifeWorks acquired all of the outstanding shares of SMG Health Pty Ltd. LifeWorks combines an award-winning employee assistance program (EAP) with best-in-class digital user experience and clinical support through its business to help employees through everyday issues and concerns about family, health, life, money, and work. SMG’s services combine mental health services, physical wellbeing checks, and social health programs to deliver improved individual and organizational performance and productivity.
In March 2020, the Company sold its benefits consulting business to HUB International Limited for a purchase price of $70,000 subject to working capital adjustments. $67,535 was received on closing, with the remainder to be received over the next 24 months once all the working capital adjustments and holdback conditions have been satisfied. The divestiture aligns with the Company’s growth strategy, which includes being a clear market leader in the businesses in which we operate, owning the total well-being space, accelerating growth through geographic expansion and leveraging technology to deliver a seamless experience for clients and their employees.
LifeWorks (formerly Morneau Shepell) Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying LifeWorks (formerly Morneau Shepell) applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of LifeWorks (formerly Morneau Shepell) and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified LifeWorks, Benefit Administration customers.
LifeWorks (formerly Morneau Shepell) Overview
Ownership: - TSE : MSI
Number of Employees: 6500
Functional Markets: HCM,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K611, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
LifeWorks (formerly Morneau Shepell) Key Enterprise and Cloud Applications
LifeWorks, Benefit Administration
LifeWorks (formerly Morneau Shepell) Revenues, $M:
| Type/Year | 2020 | 2021 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
LifeWorks (formerly Morneau Shepell) Revenue Breakdown By Type, $M:
| Type | License | Prof. Services | Hardware | Support & Maintenance | SaaS | PaaS | IaaS | Other (Non Enterprise Application Revenues) | Total |
|---|---|---|---|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | 100% |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
LifeWorks (formerly Morneau Shepell) Enterprise Applications Revenues By Functional Markets, $M:
LifeWorks (formerly Morneau Shepell) Enterprise Applications Revenues By Verticals, $M:
LifeWorks (formerly Morneau Shepell) Revenues By Region, $M
| Region | % of Total Revenues | 2021 Total Revenues, $M | 2021 Enterprise Applications Revenues, $M | 2021 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
LifeWorks (formerly Morneau Shepell) Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
LifeWorks (formerly Morneau Shepell) Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified LifeWorks (formerly Morneau Shepell) Customers
No. of LifeWorks (formerly Morneau Shepell) Customers: 24000
No. of LifeWorks (formerly Morneau Shepell) Enterprise Applications Customers: 7000
No. of LifeWorks (formerly Morneau Shepell) Cloud Customers: 7000
No. of LifeWorks (formerly Morneau Shepell) Cloud Subscribers: 6200000
LifeWorks serves 24000 client organizations that use its platform and services in 162 countries and added 6500 customers to its portfolio.
LifeWorks (formerly Morneau Shepell) Market Opportunities, M&A and Geo Expansions
The benefits consulting business represented approximately 3% of the Company’s consolidated revenue for the year ended December 31, 2019. The exited business was considered to be part of the Health & Productivity Solutions line of business and consisted of working capital, capital assets, intangible assets, and goodwill.
LifeWorks (formerly Morneau Shepell) Risks and Challenges
Revenues depend heavily on services.
LifeWorks (formerly Morneau Shepell) Ecosystem, Partners, Resellers and SI
Through strategic acquisitions in the past two years, LifeWorks has significantly expanded its geographic market space and solutions portfolio. The Company is better positioned today to provide solutions on a global basis, including support for multinational enterprises seeking consistent quality in their well-being strategies that cross borders and serve large workforce populations. LifeWorks expects acquisitions and strategic partnerships to play a continuing role in their expansion, supplementing our focus on driving organic growth in all core lines of business.
LifeWorks (formerly Morneau Shepell) Cloud Infrastructure Insights
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- LifeWorks (formerly Morneau Shepell) Public Cloud and Infrastructure (IaaS)
- LifeWorks (formerly Morneau Shepell) Platform (PaaS)
- LifeWorks (formerly Morneau Shepell) Application Delivery
- LifeWorks (formerly Morneau Shepell) Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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