Voya Financial completes acquisition of Benefit Strategies, LLC

Rhea-AI Summary

Voya Financial (NYSE: VOYA) has successfully completed the acquisition of Benefit Strategies, LLC, a prominent third-party administrator specializing in health savings and spending accounts. This acquisition adds new capabilities and enhances Voya’s existing health and wealth solutions, benefiting over 3,400 employers and 370,000 participant accounts. Paul Smith, the CEO of Benefit Strategies, and his team of about 150 employees will integrate into Voya’s Health Solutions division, aligning with Voya’s growth strategy and commitment to workplace financial wellness.

Positive

• Acquisition enhances Voya's health savings and spending accounts capabilities.
• Integration adds approximately 150 new employees to Voya's Health Solutions division.
• Strategically positions Voya for growth in the health savings market.

Negative

• None.

Voya Financial, Inc. (NYSE: VOYA), announced today that it has completed the acquisition of Benefit Strategies, LLC, a leading 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.

“We are excited to bring the talent and expertise of the Benefit Strategies team to Voya to help advance Voya’s workplace growth strategy and accelerate our expansion in the health savings and spending accounts market,” said Rob Grubka, CEO of Health Solutions for Voya Financial. “With the closing of this transaction, we have added new capabilities, products and clients to Voya’s existing health and wealth solutions. Equally important, there is a great cultural fit between Voya and the Benefit Strategies team, as both organizations are focused on helping working Americans take advantage of the many benefits of workplace-based savings accounts.”

Through the acquisition, Paul Smith, CEO and founder, Benefit Strategies, and the entire Benefit Strategies team of approximately 150 employees have joined Voya as part of its Health Solutions business.

“We are very excited to join our new colleagues at Voya as we work together to advance our collective focus on delivering a differentiated offering to the health savings and spending accounts market,” said Smith. “Since we announced the transaction in early May, I have had more opportunities to get to know the team at Voya, and I’m impressed by their commitment at taking a customer-centric approach to helping clients address their many financial wellness needs. As employees increasingly turn to the workplace for help to advance the financial well-being of their household, we are well positioned to offer solutions that intersect health and wealth.”

In addition to significantly adding to Voya’s existing health savings and spending accounts business, the transaction further enables Voya to leverage its expertise and capabilities in its Investment Management business, which currently manages invested assets in Voya’s health savings accounts.

As an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial is committed to delivering on its mission to make a secure financial future possible for all Americans — one person, one family, one institution at a time.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA), provides health, wealth and investment solutions that enable its approximately 14.8 million individual, workplace and institutional clients to achieve their financial wellness goals with confidence. With a vision to be America’s Retirement Company^®, Voya’s products, solutions and digital capabilities help create a better financial future for all. Voya is a Fortune 500 company that had $7.6 billion in revenue in 2020 and $729 billion in total assets under management and administration as of March 31, 2021. Certified as a “Great Place to Work” by the Great Place to Work^® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as one of the World’s Most Ethical Companies^® by the Ethisphere Institute; as the No. 1-ranked financial services firm among Barron’s 100 Most Sustainable Companies for three consecutive years; as a member of the Bloomberg Gender-Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210701005843/en/

FAQ

What is the purpose of Voya's acquisition of Benefit Strategies?

The acquisition aims to enhance Voya's capabilities in the health savings and spending accounts market, supporting its workplace growth strategy.

What services does Benefit Strategies provide?

Benefit Strategies offers administrative services for COBRA, direct billing, FSAs, HSAs, and HRAs to over 3,400 employers.

How many employees from Benefit Strategies joined Voya after the acquisition?

Approximately 150 employees from Benefit Strategies joined Voya's Health Solutions division.

When was the acquisition of Benefit Strategies by Voya completed?

The acquisition was completed recently, following the announcement made in early May.