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Voya Financial to Acquire Third-Party Administrator Benefit Strategies; Shares Up Pre-Bell

05/10/2021 05:25

09:16 AM EDT, 05/10/2021 (MT Newswires) -- Voya Financial (VOYA) has agreed to acquire Benefit Strategies, LLC, a third-party administrator of health savings and spending accounts. Financial terms were not disclosed.

The deal is expected to close in Q3, after which approximately 150 Benefit Strategies employees, including CEO and founder Paul Smith, will join Voya.

Benefit Strategies provides administrative services for COBRA, direct billing, flexible spending accounts, health savings accounts, health reimbursement arrangements and other services to more than 3,400 employers and nearly 370,000 participant accounts.

Shares of Voya are up more than 1% in premarket trading.

Price: 71.00, Change: +1.00, Percent Change: +1.43