Unum, a Chattanooga, Tenn.-based provider of employee benefits solutions, has acquired LeaveLogic, a Seattle-based startup that operates a parental leave management platform.
Founded in 2013, LeaveLogic provides a central dashboard that helps employees manage their parental leave plans in one place. Customers include companies like Apptio, DoorDash, Hotel Tonight, Reddit, and Slack.
LeaveLogic founder and CEO Anna Steffeney said the company will continue to operate independently and grow its 5-person team in Seattle. LeaveLogic had previously raised more than $1 million, including a $900,000 round from the Alliance of Angels and other individual investors in May 2016.
Unum is a publicly-traded provider of financial protection benefits, serving 33 million people and 181,000 businesses worldwide. The company posted $11.3 billion in revenue for 2017. Its stock price is up 100 percent since 2016.
“As a Fortune 500 company and leader employee benefits, Unum has the tools, resources and expertise to allow us to scale our solution to simplify leave for employers and employees,” Steffeney told GeekWire. “We are working to build a proprietary and integrated solution that combines Unum’s full-service expertise in absence management with LeaveLogic’s innovative intake and employee self-service technology.”
Terms of the deal were not disclosed.
LeaveLogic creates individualized parental leave plans that both employees and employers can agree on, powered by its algorithms. Steffeney, a former Microsoft manager, founded LeaveLogic after the birth of her children — one born in Europe, the second born in the United States. She noticed the difference in parental leave policies and wanted to utilize technology to make parental leave more efficient in the workplace.
Parental leave has become a hot issue as companies try to leverage their benefits to lure top talent. Tech giants like Amazon, Microsoft, Netflix, and many others have recently revamped their policies to offer more paid time off for new parents.
Seattle-based investment bank Cascadia Capital advised LeaveLogic on the acquisition.
