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Voya Financial US Benefits Administration Technology Firm Benefitfocus
Tuesday 24 January 2023

US-based health, wealth and investment company Voya Financial, Inc. (NYSE: VOYA) has completed its acquisition of benefits administration technology firm Benefitfocus, Inc., which serves employers, health plans and brokers, the company said.

As a result of the acquisition, Voya now serves the workplace benefits and savings needs of approximately 38 m individuals, or roughly one in 10 Americans.

The acquisition, which was announced on Nov. 1, 2022, enhances Voya's offering of integrated health and wealth solutions and capabilities for intermediaries, employers and employees.

Voya plans to further discuss the strategic and financial benefits of this transaction during its fourth-quarter and full-year 2022 earnings call on Wednesday, Feb. 8, 2023.
Perella Weinberg Partners LP served as financial advisor, and Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to Voya in connection with this transaction.

Barclays served as financial advisor, and Sullivan & Cromwell LLP served as legal counsel to Benefitfocus.
Date Published: 24/01/2023