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 launched its series of One Place Local events, with five regional sessions in late May and early June 2021. Each event featured "State of Employee Benefits 2021: Trends & Insights Following a Year of Disruption," a workshop featuring data generated by Benefitfocus to show how the unprecedented events of 2020 impacted employee benefits adoption.
In March 2018, Benefitfocus launched BENEFITFOCUS BENEFITSPLACE, a new offering that connects the entire U.S. employee benefits industry. BenefitsPlace unites brokers, employers, carriers, and suppliers on a single platform and offers consumers a wide range of benefits products for personal wellbeing and security at any stage in life. The announcement was made at Benefitfocus’ One Place annual user conference.
In June 2017, Benefitfocus unveiled its Summer Software Release, which includes features inspired by Benefitfocus customer feedback. The new release continues to advance the design and implementation of personalized benefits strategies for today’s diverse workforce. In addition, continued investments in platform performance and data accuracy set employers and insurance carriers up for success during the 2018 fall open enrollment season.
Several months later Benefitfocus unveiled its Winter Software Release, which includes platform investments to simplify end-of-year reporting and deliver data-driven insights for 2018 planning. The release also includes new communications capabilities to increase transparency and improve personalization to ensure open enrollment success.
Benefitfocus, a Voya Financial company Mergers and acquisitions (M&A) Activities
In 2023, Benefitfocus acquisition by Voya Financial marks a significant stride in Voya expansion within the health and wealth solutions sector. The synergy between Voya's technology resources and Benefitfocus' broad-based benefits administration capabilities promises enhanced customer experiences and deeper partnerships within the industry. Through this acquisition, Voya aims to fortify its position in the market and deliver even more integrated solutions.
In November 2021, Benefitfocus acquired Tango Health, an innovative software, and services company offering Affordable Care Act compliance and benefit decision-support solutions. The acquisition of Tango Health enables Benefitfocus to offer its customers a best-in-class ACA compliance and reporting solution.
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 Overview
Ownership: - Voya Financial Company
Number of Employees: 1500
Functional Market: Benefits Administration,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Benefitfocus, a Voya Financial company Key Cloud and HCM Applications
Benefitfocus Platform
Benefitfocus, a Voya Financial company HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
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| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Benefitfocus, a Voya Financial company Revenue Breakdown by Type:
Benefitfocus, a Voya Financial company HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2023 HCM Revenues, By HR Segment, $M | |
Benefitfocus, a Voya Financial company HCM Applications Revenues By Verticals, $M:
Benefitfocus, a Voya Financial company Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 HCM Applications Revenues, $M |
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| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
Benefitfocus, a Voya Financial company Direct vs Indirect sales
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| Type % | Subscribe | Subscribe | Subscribe |
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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 HCM Applications Customers: 1024
No. of Benefitfocus, a Voya Financial company Cloud HCM Customers: 1024
No. of Benefitfocus, a Voya Financial company Cloud HCM Subscribers: 25000000
Benefitfocus boasts a substantial clientele and facilitating the needs of over 23 million consumers through its comprehensive platform. These customers span a diverse array of industries and regions, showcasing Benefitfocus's broad reach and adaptable solutions.
Notable among its clientele are esteemed organizations such as Sloan, PGT Industries, Concur, Merced County, Ubisoft, and many more,from healthcare to entertainment.Benefitfocus serves a wide range of sectors, including notable entities like The San Francisco 49ers, Prudential Financial, Under Armour, and Dannon.
This expansive customer base underscores Benefitfocus's commitment to providing efficient benefits management solutions across various sectors and geographic locations.
Benefitfocus, a Voya Financial company Market Opportunities, M&A and Geo Expansions
Benefitfocus' acquisition by Voya Financial presents an auspicious opportunity for both entities to leverage market opportunities on both horizontal and vertical levels. Voya's strategic move toward expansion in the health and wealth solutions sector aligns seamlessly with Benefitfocus' proficiency in benefits administration. The integration of Benefitfocus' capabilities with Voya's technology resources promises not only enriched customer experiences but also deeper industry partnerships. This synergy allows Voya to solidify its market position and deliver seamlessly integrated solutions, positioning itself as a frontrunner in the ever-evolving landscape of health and wealth solutions.
Benefitfocus has closed the previously announced $80 million preferred stock investment from BuildGroup LLC. BuildGroup is an operator-led, permanent capital investment company for enhanced software-as-a-service (SaaS) business models.
In conjunction with the closing, the Benefitfocus Board appointed Lanham Napier as its lead independent director. Mr. Napier has served as a company director since 2014. He is Co-Founder and CEO of BuildGroup and was previously the CEO of Rackspace, which he helped grow from a startup to $1.5 billion in revenue and a global leader in the managed hosting industry. During this growth period, Mr. Napier was recognized by Forbes as one of America’s Most Powerful CEOs 40 and Under and was named one of the Top 100 Most Influential Executives by CRN.
The company intends to use the proceeds from the investment to accelerate ongoing initiatives, including the potential reduction of debt, potential acquisitions to extend the company’s market or technology leadership, and other general corporate purposes.
In 2017, Benefitfocus strengthened its platform with additions of enhanced user experience, Data Dashboard as well as Business Intelligence, which provides employers, insurance carriers, brokers and consultants with a reporting framework built on the Benefitfocus Data Cloud.
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's ecosystem thrives on its strategic relationships with third parties, including brokers, which play a crucial role in its growth trajectory. Leveraging technology integrations and ecosystem partnerships, Benefitfocus ensures seamless collaborations with System Integrators and Value Added Resellers, amplifying its network effects.
Benefitfocus, a Voya Financial company Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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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).
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