The cash deal valued at around $570m was announced in November 2022.
The acquired entity is a cloud-based benefits administration technology provider engaged in providing services to brokerage and consulting firms in the health and benefits space.
Benefitfocus’s acquisition has expanded Voya’s workplace benefits and savings customer base to around 38 million individuals, the firm noted.
The agreement also expands Voya’s ability to provide intermediaries, companies, and employees with integrated health and wealth solutions, it added.
Voya Financial CEO Heather Lavallee said: “The acquisition of Benefitfocus accelerates Voya’s strategy in health and wealth solutions, adding broad-based benefits administration capabilities that extend our reach across workplace benefits and savings.
“More specifically, this transaction expands Voya’s ability to deliver innovative solutions for employers and health plans and helps improve the financial, physical, and emotional well-being of their employees and members. At the same time, Voya’s technology resources, digital capabilities, and operational expertise will add tremendous value to Benefitfocus.”
According to the acquisition’s terms, Benefitfocus will continue to be operated by Voya as a separate company.
Benefitfocus president and CEO Matt Levin said: “At Benefitfocus, we are committed to helping organisations and the people they serve to get the most out of their health and benefit investments.
“We are thrilled to be joining forces with Voya to build on our incredible progress and accelerate our impact on employers, partners and health plans.” Perella Weinberg Partners provided Voya with financial advice for the deal, and Cleary Gottlieb Steen & Hamilton provided Voya with legal advice.