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NEWS - WageWorks Acquires ADP’s Consumer Health Spending Account and COBRA Businesses

November 1, 2016 – San Mateo, CA – WageWorks, Inc., a leader in administering Consumer-Directed Benefits (CDBs), today announced it has signed definitive agreements to acquire Automatic Data Processing Inc.’s (ADP) Consumer Health Spending Account (CHSA) and Consolidated Omnibus Reconciliation Act (COBRA) businesses. This transaction is expected to close by the end of November, 2016 and further strengthens WageWorks’ leadership position in the Consumer-Directed Benefits market.

ADP’s CHSA and COBRA businesses provide a range of services including HSA, HRA, FSA, commuter benefits, COBRA, and direct bill administration to approximately 10,000 employer clients in the United States.

The businesses will continue to service clients and their employees out of their current Alpharetta, Georgia and Louisville, Kentucky locations in the U.S. and Pune and Hyderabad locations in India, supported by additional capabilities, products and technologies provided by WageWorks.

WageWorks and ADP have also formed a partnership in which WageWorks’ full suite of products and services will be offered by ADP sales representatives to their extensive client base and future customers.

Click on the external link below to review the entire article:

https://www.wageworks.com/about/news/press-releases/november-2016/wageworks-acquires-adps-consumer-health-spending-account-and-consolidated-omnibus-reconciliation-act-businesses