BNFT Benefitfocus Inc

Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits management platform and services provider, today announced that the underwriters of the previously announced offering of its common stock by certain of its stockholders have exercised in full their option to purchase an additional 855,714 shares of  common stock at the public offering price of $48.25 per share before underwriting discounts and commissions. After giving effect to the full exercise of the underwriters’ option, the selling stockholders will sell a total of 6,560,472 shares in the offering. All of the shares are being sold by funds managed by Goldman Sachs & Co. LLC and Mercer LLC. The purchase by the underwriters of the additional shares is expected to close on or about April 2, 2019, subject to customary closing conditions. Benefitfocus will not receive any proceeds from the sale of the shares.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and BofA Merrill Lynch are acting as lead book-running managers of the offering and Piper Jaffray & Co., Raymond James & Associates, Inc., Wedbush Securities Inc. and First Analysis Securities Corporation are co-managers.

The offering of these securities is being made pursuant to a registration statement (including a prospectus) on Form S-3 (File no. 333-229877), which was filed with the Securities and Exchange Commission on February 26, 2019 and became automatically effective. You may obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the prospectus and accompanying prospectus supplement may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204, email: prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or email: Prospectus-ny@ny.email.gs.com; and BofA Merrill Lynch, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, e-mail: dg.prospectus_requests@baml.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About BenefitfocusBenefitfocus (NASDAQ: BNFT) unifies the entire U.S. benefits industry on a single technology platform to protect consumers' health, wealth and lifestyle. Our powerful cloud-based software, data-driven insights and thoughtfully-designed services, enable employers, insurance brokers, carriers and suppliers to simplify the complexity of benefits administration and deliver a world-class benefits experience.

Safe Harbor StatementExcept 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 regarding the impact of the exercise of the underwriters’ option on the trading price of our common stock; potential volatility; risks associated with our business and the other risk factors set forth from time to time in our registration statement and other 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.

Source: Benefitfocus, Inc.

Benefitfocus, Inc.843-284-1052 ext. 3527pr@benefitfocus.com Investor Relations:Michael Bauer843-284-1052 ext. 6654michael.bauer@benefitfocus.com