About Benefitfocus
Benefitfocus is a company based in Charleston (United States) founded in 2000 was acquired by Voya Financial in November 2022.. Benefitfocus has completed 2 acquisitions, including Benefit Informatics and Tango Health. Benefitfocus offers products and services including Benefits Administration, Billing and Payroll, Data and Analytics, and Employee Engagement. Benefitfocus operates in a competitive market with competitors including Hinge Health, Alight, Swile, Practo and Accolade, among others.
- Headquarter Charleston, United States
- Stage Public
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Sectors
TechnologyHealthcare
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Benefitfocus, Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Latest Funding Round
$80 M (USD), Post-IPO
Jun 04, 2020
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Investors
Voya Financial
& 2 more
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Employee Count
Employee Count
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Investments & Acquisitions
Benefit Informatics
& 1 more
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Acquired by
Voya Financial
(Nov 01, 2022)
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Products & Services of Benefitfocus
Benefitfocus offers a comprehensive portfolio of products and services, including Benefits Administration, Billing and Payroll, Data and Analytics, and Employee Engagement. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
End-to-end platform for managing employee benefits programs efficiently.
Solutions for handling benefits-related billing and payroll processes.
Tools for analyzing health care and benefits data to inform decisions.
Features for employee benefits support via contact center and mobile app.
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Software Development Team
162 people
Leadership Team
127 people
Sales and Marketing
65 people
Senior Team
54 people
Finance and Accounting
53 people
Data Analysis and Operations Team
21 people
Client Team
17 people
Legal and Compliance
16 people
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Funding Insights of Benefitfocus
- Total Funding Total Funding
- Total Rounds 2
- Last Round Post-IPO — $80.0M
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First Round
First Round
(10 Mar 2015)
- Investors Count 2
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2020 | Amount | Post-IPO - Benefitfocus | Valuation |
investors |
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| Mar, 2015 | Amount | Post-IPO - Benefitfocus | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Benefitfocus
Benefitfocus has secured backing from 3 investors, including venture fund and institutional investors. Prominent investors backing the company include Voya Financial, Mercer and BuildGroup. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Tech focused VC firm investing in the US & Canada
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Founded Year | Domain | Location | |
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Consulting and investment services are provided to organizations across sectors.
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Founded Year | Domain | Location | |
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Provider of pension fund for the employees based out of the US
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Benefitfocus
Benefitfocus has strategically engaged in corporate development activities, having acquired 2 companies. Notable acquisitions include Benefit Informatics and Tango Health. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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SaaS software for ACA compliance and benefits optimization is provided.
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2008 | ||||
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Provider of a platform for healthcare data integration, analysis and reporting
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2000 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Benefitfocus
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Benefitfocus Comparisons
Competitors of Benefitfocus
Benefitfocus operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Hinge Health, Alight, Swile, Practo and Accolade, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Virtual physical therapy and digital pain care solutions are provided.
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| domain | founded_year | HQ Location |
Cloud-based HRMS solutions are offered for enterprise HR management.
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| domain | founded_year | HQ Location |
A card-linked wallet is provided for employee financial management.
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| domain | founded_year | HQ Location |
Doctor appointments are booked and healthcare professionals are consulted online.
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| domain | founded_year | HQ Location |
Employee health benefits are facilitated via a cloud-based platform.
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| domain | founded_year | HQ Location |
Employee benefit administration and payment solutions are provided for enterprises.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Benefitfocus
Frequently Asked Questions about Benefitfocus
When was Benefitfocus founded?
Benefitfocus was founded in 2000 and raised its 1st funding round 15 years after it was founded.
Where is Benefitfocus located?
Benefitfocus is headquartered in Charleston, United States. It is registered at Charleston, South Carolina, United States.
Who is the current CEO of Benefitfocus?
Matt Levin is the current CEO of Benefitfocus.
What does Benefitfocus do?
Cloud-based platform for benefits administration. The companys products for insurance carriers include enrollment that provides online enrollment for various benefits, eBilling, an electronic invoice presentation, a payment solution, and an exchange solution that bridges the communication gap between carrier and employer systems. It provides eSales that give carriers and brokers tools to organize and manage accounts, track leads, generate quotes, and create proposals for various products. Its products for insurance carriers also comprise eDirect which enables carriers to sell policies directly to individuals.
Who are the top competitors of Benefitfocus?
Benefitfocus's top competitors include Accolade, Hinge Health and Alight.
What products or services does Benefitfocus offer?
Benefitfocus offers Benefits Administration, Billing and Payroll, Data and Analytics, and Employee Engagement.
How many acquisitions has Benefitfocus made?
Benefitfocus has made 2 acquisitions, including Benefit Informatics, and Tango Health.
Who are Benefitfocus's investors?
Benefitfocus has 3 investors. Key investors include Voya Financial, Mercer, and BuildGroup.
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