WageWorks Acquires HCap Strategies Tuesday May 17, 11:00 am ET Acquisition Expands WageWorks' Presence in Middle Market
SAN MATEO, Calif.--(BUSINESS WIRE)--May 17, 2005--WageWorks, the leading provider of consumer-driven tax-advantaged spending accounts, announced today it has acquired certain assets of HCap Strategies, formerly FlexBen Corporation Wisconsin. HCap Strategies is a national employee benefit management and administration firm. The company offers flexible spending accounts (FSAs), health savings accounts (HSAs), health reimbursement accounts (HRAs), COBRA administration, commuter accounts and benefits outsourcing and enrollment through a national network of brokers and consultants. "We are very pleased to bring the same world-class level of service and quality we deliver to our large base of Fortune 500 clients to the broker community and their clients," said Scott Halstead, CEO of WageWorks. "As middle market employers look to their broker advisors to develop effective consumer-driven health care solutions, WageWorks' market-leading solution will be available to them."
The WageWorks Health Care Choice Account is a convenient health care spending account solution that enables employers to easily deploy and manage FSAs, HSAs and HRAs. The accounts are offered on a single, flexible platform giving employers maximum choice in health plans and investment options and delivering a superior service experience to their employees spanning all categories of health care spending.
"The broker community has needed an established leader that can facilitate successful consumer-driven health care programs to our clients on a national level," said Tom Finneran, senior employee benefits consultant of TJ&S in Pittsburgh, PA. "WageWorks' deep expertise in the spending account business and proven state-of-the-art platform allow us to offer the highest quality service to our clients."
In December 2004, WageWorks acquired FlexBen Corporation of Michigan, and this latest transaction is a continuation of one of WageWorks' growth strategies.
About WageWorks
The leading provider of tax-advantaged spending accounts, WageWorks' mission is to help employers and employees more effectively manage health care, dependent care and commuter spending. WageWorks' industry-leading offering is now available to an eligible population in excess of 7 million employees, the majority from Fortune 500 clients. Leading employers such as Bank of America, Bank of New York, Ernst & Young, LLP, Limited Brands, Pfizer Inc., Pitney Bowes, the State of New York, Tribune Company, Union Pacific Corporation and United States Postal Service have sought out WageWorks to provide an integrated solution to spending account management that is both flexible and easy to administer for employers and offers unmatched choice and convenience for employees.
WageWorks is headquartered in San Mateo, California, with offices in Chicago, Mequon, WI, New York, Phoenix, Troy, Michigan and Washington D.C. For more information, please visit the web site at www.wageworks.com, email WageWorks at info or call 866-602-3887.