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After Zenefits on Thursday announced it is transferring its broker of record business to Atlanta-based OneDigital — increasing that firm’s overall clients under management to 37,000 from 30,000 — EBA spoke with OneDigital’s Chief Growth Officer Mike Sullivan to understand more about the deal and what it means for both his company and Zenefits. What follows is an edited version of the conversation.
EBA: How did the deal come about?
Sullivan: We started talking about a year ago. Who called whom first I’m not sure. This has been an ongoing, yearlong discussion to better understand how our two platforms might align in the marketplace. It took a lot of strategic thinking around where the market is going. In a very client-centric way, the alignment of these two platforms makes sense for small businesses.
The other piece of it was that there has been a complete change of leadership at Zenefits. The more they looked at what was going to allow them to fulfill their destiny as a company, finding a different way to go at the brokerage piece was...