Benefitfocus

Cloud-based platform for employee benefits management

Charleston, South Carolina, United States

About Benefitfocus

Benefitfocus simplifies the management of employee benefits for businesses and insurance carriers through its cloud-based platform, Benefitplace. This platform connects employers, insurance carriers, and brokers, allowing employees to easily select and manage their benefits. It features a user-friendly interface that helps employees understand their options while providing employers with tools for efficient benefits management. For insurance carriers, Benefitplace enhances operational efficiency through automation and scalability. Benefitfocus stands out from competitors by leveraging artificial intelligence and data analytics to drive cost savings and improve employee engagement. The company's goal is to reduce complexity and increase transparency in benefits programs, ultimately enhancing efficiency for all parties involved.

Charleston, South CarolinaHeadquarters
2000Year Founded
$561.7MTotal Funding
IPOCompany Stage
Enterprise Software, AI & Machine Learning, HealthcareIndustries
1,001-5,000Employees

Benefits

Flexible work policy & schedule
Parental leave
Employee discounts
Generous PTO
Comprehensive healthcare package
Financial wellness programs
Employee Stock Purchase Program
Donation match

Risks

High software acquisition costs may deter potential clients from adopting the platform.
Increased competition from major players could pressure Benefitfocus to innovate and reduce prices.
New tool launches require significant investment and may not achieve desired adoption rates.

Differentiation

Benefitfocus offers an AI-powered platform, Benefitplace, for streamlined benefits management.
The platform integrates benefits in one place, enhancing user experience and operational efficiency.
Benefitfocus's partnerships, like with Wellthy, expand solutions for employee caregivers.

Upsides

Growing demand for personalized benefits solutions boosts Benefitfocus's market potential.
Strategic partnerships, such as with HR Path, enhance Benefitfocus's service offerings.
New leadership under Andrew Frend and Tom Klonecki aims to improve customer success.

Funding

Total raised$561.70 M
Latest valuation$570.00 M
StageIPO
ACQUISITION
10/31/2022
$570
$570.00 M
POST IPO DEBT
7/31/2022
$140
POST IPO CONVERTIBLE
4/30/2020
$80
POST IPO EQUITY
2/28/2015
$75
IPO
8/31/2013
$131
$644.30 M