Add-on Acquisition • Business Services

Voya Acquires Benefit Strategies

On May 10, 2021, Voya acquired business services company Benefit Strategies

Acquisition Context
  • This is Voya’s 1st transaction in the Business Services sector.
  • This is Voya’s 2nd transaction in the United States.
  • This is Voya’s 1st transaction in New Hampshire.

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M&A Deal Summary

Date May 10, 2021
Target Benefit Strategies
Sector Business Services
Buyer(s) Voya
Deal Type Add-on Acquisition

Target Company

Benefit Strategies

Manchester, New Hampshire, United States
Benefit Strategies is a third-party administrator of health savings and spending accounts. Benefit Strategies provides administrative services for COBRA, direct billing, flexible spending accounts (FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs), and other services to more than 3,400 employers and nearly 370,000 participant accounts throughout the U.S. Benefit Strategies was founded in 1989 and is based in Manchester, New Hampshire.
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Buyer Overview 1

Buyer

Voya

New York, New York, United States

Category Company
Founded 1999
Sector Financial Services
Employees9,000
Revenue 7.9B USD (2024)
DESCRIPTION

Voya is a diversified financial services company that offers retirement, investment, and insurance products within the US. Voya was founded in 1999 and is based in New York City.


Deal Context for Buyer #
Overall 2 of 4
Sector: Business Services 1 of 2
Type: Add-on Acquisition 2 of 2
State: New Hampshire 1 of 1
Country: United States 2 of 4
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-18 Voya Financial - Individual Life Business In-force Business

New York, New York, United States

Voya Financial, Inc. - Individual Life Business includes Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain other affiliates, as well as the reinsurance of Voya Financial’s remaining in-force individual life and annuity blocks.

Sell $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Benefitfocus

Charleston, South Carolina, United States

Benefitfocus is a provider of cloud-based benefits management software for consumers, employers, insurance carriers and brokers. Benefitfocus was formed in 2000 and is based in Charleston, South Carolina.

Buy $570M