Reliance Global Group, Inc. (Nasdaq: EZRA) completed the sale of substantially all assets of its Altruis Benefit Consulting subsidiary for an $8 million cash purchase price, plus a potential $1 million earnout over three years. The transaction closed on September 23, 2026, and the $3.1 million secured promissory note delivered by the buyer was paid in full on September 30, 2026.
Of the $8 million cash purchase price, Reliance received approximately $7.5 million in cash. This amount includes the full payment of the buyer's $3.1 million seller note. The remaining $461,729 is held by the buyer as customary indemnity and working capital holdbacks. The earnout provision allows the company to earn up to $1 million based on the annual revenue growth of the acquired business over the three years following closing.
| Component | Amount | Status |
|---|---|---|
| Cash Purchase Price | $8,000,000 | Agreed |
| Cash Received | ~$7,500,000 | Paid |
| Seller Note | $3,100,000 | Paid in full |
| Holdbacks | $461,729 | Held by buyer |
| Earnout | Up to $1,000,000 | Potential over 3 years |
The Altruis sale is the second non-core agency sale completed under Reliance's portfolio monetization strategy. It follows the sale of Southwestern Montana Insurance Center, which closed on September 11, 2026. Reliance stated that these transactions are part of an ongoing evaluation to monetize non-core insurance agency assets. The company aims to strengthen its balance sheet and improve financial flexibility by redeploying capital into its proprietary AI platform, RELI Exchange, and other strategic growth initiatives.
Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group, said the completion of the Altruis sale reflects steady execution of the company's portfolio monetization strategy. Beyman noted that with the buyer's seller note paid in full, the proceeds strengthen the balance sheet and provide capacity to invest in the AI platform and RELI Exchange network. He added that Reliance will continue to evaluate opportunities across its agency portfolio to allocate capital to areas offering long-term value for shareholders.
Reliance Global Group describes itself as an InsurTech firm applying artificial intelligence and cloud technologies to modernize insurance brokerage operations. The company stated that the sale was completed without the issuance of any shares of Reliance common stock.