WageWorks buys Benefit Concepts
SAN MATEO, Calif. (AP) — WageWorks Inc., which provides health, commuter and other employee benefits, said Monday that it bought Benefit Concepts Inc. in a deal that strengthens its position in the consumer-directed benefits market.
Terms were not disclosed.
Benefit Concepts caters to mid-sized and large employers and handles benefits such as Flexible Spending Accounts and Health Reimbursement Arrangements, COBRA benefits continuation and other services.
The company will continue to service customers out of its Rhode Island offices, with additional support from WageWorks.
Shares of San Mateo, Calif.-based WageWorks fell 9 cents to close at $17.41.