M&A Deal Summary

Voya Acquires Benefitfocus

On November 1, 2022, Voya acquired internet software and services company Benefitfocus for 570M USD

Acquisition Highlights
  • This is Voya’s 1st transaction in the Internet Software and Services sector.
  • This is Voya’s largest (disclosed) transaction.
  • This is Voya’s 3rd transaction in the United States.
  • This is Voya’s 1st transaction in South Carolina.

M&A Deal Summary

Date 2022-11-01
Target Benefitfocus
Sector Internet Software and Services
Buyer(s) Voya
Deal Type Going Private
Deal Value 570M USD
Advisor(s) Barclays Investment Bank (Financial)
Sullivan & Cromwell (Legal)

Target

Benefitfocus

Charleston, South Carolina, United States
Entrance to Benefitfocus' campus in Charleston, South Carolina.
Entrance to Benefitfocus' campus in Charleston, South Carolina.
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.

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Buyer(S) 1

Buyer

Voya

New York, New York, United States

Category Company
Founded 1999
Sector Financial Services
Employees9,000
Revenue 7.2B USD (2023)
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 STATS #
Overall 3 of 4
Sector (Internet Software and Services) 1 of 1
Type (Going Private) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 3 of 4
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-10 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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-11 OneAmerica Financial’s Retirement Plan Business

Indianapolis, Indiana, United States

OneAmerica Financial’s retirement plan business comprises 401(k), 403(b), 457, non-qualified deferred compensation plans and employee stock ownership plans.

Buy -