Benefitfocus Acquires Tango Health, Expanding ACA Compliance and Reporting Capabilities for Employers
17 November 2021 - 03:00PM
Today Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading
benefits technology platform that simplifies benefits
administration for employers, health plans and brokers, announced
it has acquired Tango Health, an innovative software and services
company offering Affordable Care Act (ACA) compliance and benefit
decision support solutions. The acquisition of Tango Health enables
Benefitfocus to offer its customers a best-in-class ACA compliance
and reporting solution.
“The burden on employers is greater than ever as the health care
industry continues to evolve and compliance requirements become
increasingly complex and costly for employers to manage. We are
committed to helping our customers manage these complexities
through comprehensive administrative capabilities underpinned with
service excellence,” said Matt Levin, president and CEO of
Benefitfocus. “Consistent with our strategy to strengthen the
foundation of our core offerings, the acquisition of Tango Health
enables us to offer our customers an industry-leading ACA
compliance and reporting solution to complement their overall
benefits strategy. We are excited to extend this best-in-class
solution to our customers and welcome this accomplished and
experienced team to the Benefitfocus family.”
“In addition to being a market leader for ACA compliance and
reporting, Tango Health also brings promising decision support,
benefits communication and engagement capabilities,” said Tina
Provancal, Chief Strategy Officer of Benefitfocus. “Their solutions
empower employees to make more informed plan decisions and increase
their benefits utilization, which in turn has been proven to lower
costs for employers and their employees. These capabilities
fit squarely into our longer-term roadmap, and we're excited about
the potential to increase employee engagement while helping our
joint customers earn a better yield on their health care
investment.”
Founded in 2008 and based in Austin, Texas, Tango Health serves
top brands, academic institutions, large hospital systems, and
Fortune 500 companies such as, SCL Health, Teva Pharmaceuticals,
The Michaels Organization, Turner Industries, the University of
Massachusetts Medical Center, the University of North Texas, and
the University of Rochester, all of which trust Tango Health to
successfully meet their open enrollment and ACA compliance
goals.
“We are excited to join forces with an industry leader in
benefits administration to continue our legacy as a valued and
trusted partner to our clients,” said Scott Van Horn, CEO of Tango
Health. “Together Benefitfocus and Tango Health will deliver a
better benefits experience through a robust suite of benefits
administration and compliance solutions combined with our
customer-focused support.”
The immediate priority for both organizations is to continue to
support existing customers, as both companies enter the ACA
reporting season. Existing Tango Health and Benefitfocus customers
can expect continuity and for the two organizations to operate
business as usual in delivering against their customer commitments.
As the organizations work to come together over the next several
months, updates will be provided to existing customers about how
and when they will be able to leverage the combined market-leading
capabilities of both companies.
The transaction is subject to customary closing conditions and
is expected to close during the fourth quarter.
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About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry
through innovative technology solutions that bring efficiency, cost
savings and simplicity to employee benefits administration. Our
powerful cloud-based software, data-driven insights and
thoughtfully designed services help employers, insurance brokers,
health plans and suppliers address the complexity of benefits
enrollment and engagement, while bringing easier access to health,
wealth and lifestyle products through a world-class benefits
experience. Our mission is simple: to improve lives with benefits.
Learn more at www.benefitfocus.com, LinkedIn and Twitter.
About Tango Health
Tango Health is a leading software and services company focused
on supporting organizations to deliver a better benefits experience
since 2008. Tango Health’s flexible solutions include decision
support, benefits engagement, benefits communications, virtual open
enrollment, and full-service ACA compliance and reporting.
DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Actual results might differ materially
from those explicit or implicit in the forward-looking statements.
Important factors that could cause actual results to differ
materially include: risks that the acquisition does not close;
risks of integration of the acquisition, and the possibility that
it might not deliver the results we expect; our ability to maintain
our culture, retain and motivate qualified personnel; volatility
and uncertainty in the global economy and financial markets in
light of the evolving COVID-19 pandemic and uncertainties arising
from the recent U.S. elections; our continuing losses and need to
achieve GAAP profitability; fluctuations in our financial results;
the immature and volatile market for our products and services;
risks related to changing health care and other applicable
regulations; cyber-security risks; the need to innovate and provide
useful products and services; our ability to compete effectively;
privacy, security and other risks associated with our business; and
the other risk factors set forth from time to time in our SEC
filings, copies of which are available free of charge within the
Investor Relations section of the Benefitfocus website at
http://investor.benefitfocus.com/sec-filings or upon request from
our Investor Relations Department. Benefitfocus assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law.
Benefitfocus, Inc.843-981-8898pr@benefitfocus.com Investor
Relations:843-981-8899ir@benefitfocus.com
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