Benefitfocus, a Voya Financial company Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS TOP 500 Market Report

Benefitfocus, a Voya Financial company Strengths, Domain Expertise, and Key Differentiators

Benefitfocus stands out in the competitive landscape through several key strengths.Its domain expertise is unparalleled, evidenced by its specialization in cloud-based enterprise benefits management software catering to a diverse range of stakeholders including consumers, employers, insurance carriers, and brokers.

Benefitfocus boasts a robust product portfolio, adept at automating and streamlining the enrollment process for end-users while facilitating seamless benefits data exchange among employers, carriers, brokers, and their respective information systems. These strengths have enabled Benefitfocus to secure a growing number of major accounts, solidifying its position as a leader in benefits management technology and powering numerous prominent private insurance exchanges.

Benefitfocus, a Voya Financial company Recent Developments

Benefitfocus has made significant strides in 2025, reinforcing its commitment to innovation and market leadership. In January 2025, the company launched the Care Partner Panel, a groundbreaking feature for digital health-solution management. Integrated with Benefitplace and Health Insights, this tool enables employers to deliver personalized benefits through partnerships with providers like Health Advocate, Hello Heart, Lyra Health, Omada Health, Progyny, and Sword Health. The initiative enhances data optimization and user engagement, aligning with industry trends toward connected health solutions.

Benefitfocus, a Voya Financial company Mergers and Acquisitions (M&A) Activities

Voya Financial’s acquisition of Benefitfocus represents a strategic move to strengthen its presence in the health and wealth solutions sector by combining Voya’s technology with Benefitfocus’ comprehensive benefits administration capabilities. This integration is expected to enhance customer experiences and industry partnerships through more seamless and integrated offerings. Additionally, Benefitfocus’ earlier acquisition of Tango Health expanded its ability to provide advanced solutions for Affordable Care Act compliance and benefits decision support, further enriching its service portfolio.

Benefitfocus, a Voya Financial company Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Benefitfocus, a Voya Financial company applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Benefitfocus, a Voya Financial company and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Benefitfocus Platform customers.

Benefitfocus, a Voya Financial company Key Enterprise and Cloud Applications

Benefitfocus Platform

Benefitfocus, a Voya Financial company Revenues, $M:

Benefitfocus, a Voya Financial company Revenue Breakdown By Type, $M:

Benefitfocus, a Voya Financial company Enterprise Applications Revenues By Functional Markets, $M:

Benefitfocus, a Voya Financial company Enterprise Applications Revenues By Verticals, $M:

Benefitfocus, a Voya Financial company Revenues By Region, $M

Benefitfocus, a Voya Financial company Direct vs Indirect sales

Benefitfocus, a Voya Financial company Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Benefitfocus, a Voya Financial company Customers

No. of Benefitfocus, a Voya Financial company Customers: 1024

No. of Benefitfocus, a Voya Financial company Enterprise Applications Customers: 1024

No. of Benefitfocus, a Voya Financial company Cloud Customers: 1024

No. of Benefitfocus, a Voya Financial company Cloud Subscribers: 25000000

Benefitfocus serves over 23 million consumers through its benefits management platform, catering to a wide range of industries and regions. Its diverse client base includes prominent organizations such as Sloan, Concur, Ubisoft, the San Francisco 49ers, Prudential Financial, Under Armour, and Dannon, reflecting the platform’s adaptability and broad market reach. This extensive customer portfolio highlights Benefitfocus’s commitment to delivering effective and scalable benefits administration solutions across sectors.

Benefitfocus, a Voya Financial company Market Opportunities, M&A and Geo Expansions

Benefitfocus' acquisition by Voya Financial creates an opportunity for both companies to expand their presence in the health and wealth solutions market by combining Voya’s technology with Benefitfocus’ expertise in benefits administration. This alignment is expected to enhance customer experiences and strengthen industry partnerships through integrated offerings. Additionally, Benefitfocus secured an $80 million investment from BuildGroup, whose CEO Lanham Napier, a seasoned technology executive, was appointed as lead independent director. The investment is intended to support strategic initiatives, including debt reduction, potential acquisitions, and platform enhancements. Benefitfocus has also improved its platform with advanced analytics and user experience features to better serve its diverse client base.

Benefitfocus, a Voya Financial company Risks and Challenges

In 2024, Benefitfocus, under the leadership of its newly appointed COO, Tom Klonecki, stands at the cusp of transformative growth, bolstered by its robust strategy and dedicated team. However, this journey is not without its risks. Internally, the company faces challenges in implementation, client management, and operational services. Externally, market dynamics and competition pose significant threats. Klonecki's extensive background in benefits administration and human resources outsourcing equips him to navigate these risks adeptly.

Benefitfocus's growth depends in part on the success of the strategic relationships with third parties, including brokers.

Benefitfocus, a Voya Financial company Ecosystem, Partners, Resellers and SI

Benefitfocus uses direct sales for employers and indirect sales via brokers. Integrations with Workbench and partners like Wellthy enhance functionality. System Integrators and VARs amplify network effects, boosting adoption and retention through a connected benefits ecosystem (Benefitfocus Platform).

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

For additional information on our methodologies, here's the link: