BNFT - BNFT STOCK NEWS

Benefitfocus, Inc. (NASDAQ: BNFT) announced that its stockholders have approved the merger with Voya Financial, Inc., which is set to convert each share of Benefitfocus common stock into $10.50 in cash. This merger agreement is subject to certain closing conditions and is expected to finalize on January 24, 2023. The acquisition aims to enhance Benefitfocus's position in the cloud-based benefits administration sector, promising to streamline operations and improve customer service. Stakeholders should consider the transaction's anticipated impact on Benefitfocus's market presence and operational efficiencies.

Benefitfocus (NASDAQ: BNFT) has announced its ACA compliance solution will be offered as SAP U.S. Benefits Administration by Benefitfocus, a Solution Extension. This platform aids organizations in managing IRS employer mandates effectively, utilizing customer data from diverse sources to alert clients about compliance issues and assist with reporting. The solution's key features include accurate data aggregation, real-time insights, and dedicated Client Service Managers specializing in ACA regulations. It has reportedly helped clients reduce IRS penalties by 98% since 2015.

Benefitfocus, Inc. (NASDAQ: BNFT) reported Q3 2022 revenue of $56.2 million, meeting guidance but down 9% year-over-year. Adjusted EBITDA was $5.7 million, at the high end of the $4-$6 million guidance. The company achieved a GAAP net loss of ($7.0 million), an improvement from ($18.1 million) in Q3 2021. New developments include a $140 million credit facility and a merger agreement with Voya Financial. Due to the merger, financial guidance for Q4 and FY 2022 is suspended, and the earnings call has been canceled.

Benefitfocus, Inc. (NASDAQ: BNFT) has canceled its earnings conference call, originally set for November 7, 2022, for the quarter ended September 30, 2022. This decision comes in light of a pending transaction with Voya Financial, Inc. The company focuses on simplifying benefits administration for employers, health plans, and brokers through innovative cloud-based technology. No financial results or performance metrics were disclosed in this announcement.

Voya Financial, Inc. reported a strong third quarter of 2022 with net income of $1.82 per diluted share, reflecting a 58% increase compared to the same quarter in 2021. Adjusted operating earnings reached $2.30 per diluted share, driven by 12% to 17% EPS growth expectations for the year. Notable metrics include a 10.4% rise in Wealth Solutions deposits to $13 billion and a 9.7% increase in Health Solutions premiums to $2.8 billion. Voya's acquisition of Benefitfocus will enhance its workplace benefits offering, expected to close in Q1 2023.

Voya Financial has announced its acquisition of Benefitfocus for $10.50 per share, totaling approximately $570 million, including debt. This acquisition aims to strengthen Voya's health and wealth solutions by enhancing benefits administration capabilities. The deal is expected to be immediately accretive to Voya's adjusted operating earnings per share, even prior to realizing future revenue synergies. Following the acquisition, Voya's customer base will expand to approximately 38 million individuals, reinforcing its presence in the workplace benefits sector.

Benefitfocus (NASDAQ: BNFT) has secured a contract with the Local Government Health Insurance Board (LGHIB) to enhance its health benefits administration system for over 30,000 members and their families in Alabama. Awarded after a competitive process, Benefitfocus will provide a comprehensive benefits administration solution, including COBRA and billing services. The partnership aims to streamline the benefits enrollment experience, improving communication and health outcomes for local government employees and retirees.

Benefitfocus (NASDAQ: BNFT) will report its third quarter 2022 results on November 7, 2022, after U.S. markets close. The company will host a conference call at 5:00 p.m. ET to discuss the financial results and business outlook, accessible via phone or live webcast. A replay will be available until November 14, 2022. Benefitfocus is dedicated to providing cloud-based benefits administration solutions to streamline the complex tasks of benefits management, aiming to enhance customer experience and health outcomes.

Benefitfocus (NASDAQ: BNFT), a cloud-based benefits administration technology company, has been honored as a 2022 BenefitsPRO Luminaries recipient in the Humanizing Benefits category. This recognition highlights the company’s commitment to simplifying benefits for nearly 19 million users with a 95% satisfaction rating. Significant improvements include a new streamlined enrollment flow, enriched chat capabilities, and enhanced multi-channel support. These advancements aim to empower users and enhance their experience navigating health care and benefit programs.