SAN MATEO, CA (Wednesday, September 01, 2010)
Acquisition of leading independent administrator confirms WageWorks' position as nation's preeminent consumer-directed benefits provider.
WageWorks, the nation's leading provider of flexible benefit account services and COBRA administration, today announced that it has acquired Planned Benefit Systems Incorporated (PBS), an industry leader with more than 500 employer clients across the nation. The acquisition strengthens WageWorks' position in the consumer-directed benefits market and delivers a deeper suite of benefits solutions to companies of all sizes and their employees.
PBS serves the needs of employers ranging from small to enterprise-class with pretax benefits services that include FSA, HRA, HSA, commuter and COBRA administration. Based in Centennial, Colorado, the company will now operate as Planned Benefit Systems, a WageWorks company. The combined company will have a market presence of over 4,000 clients and approximately 1.6 million participants.
"The combination of WageWorks and Planned Benefit Systems further solidifies our position as the leading force in the consumer-directed benefits industry," said Joe Jackson, CEO, WageWorks, Inc. "Together we provide the industry's most comprehensive suite of pretax flexible account services and COBRA to employers of all sizes and needs."
"The opportunity to become part of the WageWorks family made perfect sense" said Jim Lynch, President, Planned Benefit Systems, Inc. "The core businesses at both companies are the same, and combined, we can provide expanded tools and technology for PBS' clients current and future."
Mr. Lynch, a highly regarded expert in benefits and compliance industry, and his full management team will continue to serve in their current capacities leading PBS.
WageWorks (NYSE: WAGE) is a leader in administering Consumer-Directed Benefits (CDBs), which empower employees to save money on taxes while also providing corporate tax advantages for employers. WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for 58,000 employers and approximately 4.5 million people. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.