Aug. 5, 2016 – Cloud-based benefit provider benefitexpress has acquired the broker-centric benefits administration and online enrollment solution, benefitsCONNECT.
Under the deal, benefitsCONNECT’s network of insurance brokers will have access to a solution designed for larger employers, which include services such as HSA/FSA, COBRA/direct bill and dependent audits.
Companies using benefitexpress services will have access to more ACA capabilities as well. Plus, the company’s broker partners will be able to take advantage of a broader solution for clients.
“The benefitsCONNECT team has built a market-leading solution to streamline benefits management for small and middle market companies, and remained loyal to its focus on the broker channel,” says Michael Sternklar, CEO of benefitexpress.
He adds, “This was the right time and opportunity to reinforce our commitment to invest in growth and provide our combined client and employee base a diverse suite of services for their respective markets.”
Sternklar will remain CEO of the combined company.
Once the acquisition is finalized, the combined company’s clients will have access to a suite of end-to-end solutions including integrated ACA compliance to fulfill annual reporting and determine full-time employee equivalency and benefits eligibility. This also includes services such as COBRA/Direct Bill services, reimbursement account administration, carrier bill reconciliation, total compensation statements, and a call center, according to a statement.
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