SAN MATEO, Calif. (Monday, January 09, 2012)
/PRNewswire via COMTEX/ -- WageWorks Inc., a leading on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits, today announced that it has acquired the operating assets of Choice Strategies, a pre-eminent administrator in the tax-advantaged, consumer-driven health care space. Choice Strategies services more than 5,000 employers primarily in the New England, New York, New Jersey and Mid-Atlantic regions. This portfolio purchase further strengthens WageWorks' position in the consumer-directed benefits market.
Choice Strategies serves the needs of employers and their participants with pretax benefits services that include HRA, FSA, HSA and commuter account benefits. Working with brokers, general agents, health plans and other strategic partners, Choice Strategies is renowned for its ability to design and administer complex HRA plans on behalf of employers of all sizes. Based in Waterbury Center, Vermont, the business will now operate as "Choice Strategies, a division of WageWorks."
"Choice Strategies further solidifies our position in the consumer-directed benefits industry," said Joe Jackson, CEO, WageWorks, "as we continue to expand our comprehensive suite of employee spending account benefits."
''Choice Strategies will benefit from the extensive expertise, technology, and service resources WageWorks has to offer as a leading national administrator," said Jay Hunter, CEO, Choice Strategies. "Together, we can leverage our platforms, experience, and broader portfolio of solutions to help the employers, participants, brokers, and agents that we serve."
Choice Strategies will continue to service its employers, members, general agents and broker network out of its Vermont facility. Over time, Choice Strategies' clients will enjoy access to additional capabilities, products and technologies offered by WageWorks.
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.