Wednesday, January 25, 2023
HomeInsurance LawVoya Monetary closes $570m acquisition of Benefitfocus

Voya Monetary closes $570m acquisition of Benefitfocus

Voya Monetary, which operates within the insurance coverage, retirement and investments trade, has wrapped up the acquisition of Benefitfocus.

The money deal valued at round $570m was introduced in November 2022.

The acquired entity is a cloud-based advantages administration expertise supplier engaged in offering providers to brokerage and consulting corporations within the well being and advantages area.

Benefitfocus’s acquisition has expanded Voya’s office advantages and financial savings buyer base to round 38 million people, the agency famous.

The settlement additionally expands Voya’s skill to supply intermediaries, corporations, and workers with built-in well being and wealth options, it added.

Voya Monetary CEO Heather Lavallee mentioned: “The acquisition of Benefitfocus accelerates Voya’s technique in well being and wealth options, including broad-based advantages administration capabilities that reach our attain throughout office advantages and financial savings.

“Extra particularly, this transaction expands Voya’s skill to ship revolutionary options for employers and well being plans and helps enhance the monetary, bodily, and emotional well-being of their workers and members. On the similar time, Voya’s expertise sources, digital capabilities, and operational experience will add great worth to Benefitfocus.”

In keeping with the acquisition’s phrases, Benefitfocus will proceed to be operated by Voya as a separate firm.

Benefitfocus president and CEO Matt Levin mentioned: “At Benefitfocus, we’re dedicated to serving to organisations and the folks they serve to get essentially the most out of their well being and profit investments.

“We’re thrilled to be becoming a member of forces with Voya to construct on our unimaginable progress and speed up our influence on employers, companions and well being plans.” Perella Weinberg Companions supplied Voya with monetary recommendation for the deal, and Cleary Gottlieb Steen & Hamilton supplied Voya with authorized recommendation.



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