Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and investment company, announced today that it has completed its acquisition of Benefitfocus, Inc., an industry-leading benefits administration technology company that serves employers, health plans and brokers.
As a result of the acquisition, Voya now serves the workplace benefits and savings needs of approximately 38 million individuals, or roughly one in 10 Americans. The acquisition, which was announced on Nov. 1, 2022, enhances Voya’s offering of integrated health and wealth solutions and capabilities for intermediaries, employers and employees.
“The acquisition of Benefitfocus accelerates Voya’s strategy in health and wealth solutions, adding broad-based benefits administration capabilities that extend our reach across workplace benefits and savings,” said Heather Lavallee, CEO, Voya Financial, Inc. “More specifically, this transaction expands Voya’s ability to deliver innovative solutions for employers and health plans, and helps improve the financial, physical, and emotional wellbeing of their employees and members. At the same time, Voya’s technology resources, digital capabilities, and operational expertise will add tremendous value to Benefitfocus.”
“At Benefitfocus, we are committed to helping organizations and the people they serve get the most out of their health and benefit investments,” said Matt Levin, president and CEO, Benefitfocus. “We are thrilled to be joining forces with Voya to build on our incredible progress and accelerate our impact for employers, partners and health plans.”
“This acquisition allows us to increase our capabilities and insights for the benefit of our customers, while deepening the strength and breadth of our distribution reach,” said Rob Grubka, CEO, Workplace Solutions, Voya Financial, Inc. “Benefitfocus’ capabilities and expertise allows us to better serve customers and deepen partnerships with other benefits administration providers and distribution partners as we create better integrated experiences for customers across their workplace benefits.”
Voya plans to further discuss the strategic and financial benefits of this transaction during its fourth-quarter and full-year 2022 earnings call on Wednesday, Feb. 8, 2023.
Perella Weinberg Partners LP served as financial advisor, and Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to Voya in connection with this transaction. Barclays served as financial advisor, and Sullivan & Cromwell LLP served as legal counsel to Benefitfocus.