Benefitfocus

Benefitfocus sells a multi-tenant SaaS benefits-administration and marketplace platform. Employers, health plans, insurance carriers and brokers use it so employees can enroll in and manage medical, ancillary and voluntary benefits. Revenue comes from subscriptions. It was founded in 2000 and went public on NASDAQ (BNFT). Voya Financial bought it for about $570M in an all-cash deal that closed in January 2023, and Benefitfocus now operates as a Voya company. Revenue was about $263M in 2021, and the platform touches more than 25M consumers.