Voya Financial acquires Benefit Strategies

Voya Financial announced the acquisition of Benefit Strategies , 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 US.

“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. 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.” – Rob Grubka, CEO of Health Solutions for Voya Financial.

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. 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.” – Paul Smith, CEO and founder, Benefit Strategies.