Businessolver Strengths, Domain Expertise, and Key Differentiators
Since 1998, Businessolver has delivered market-changing benefits technology the empowers empathetic service supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver’s unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight.
Businessolver Recent Developments
Businessolver is a market leader in HR AI technology, launching SofiaSM, Businessolver’s proprietary AI virtual benefits assistant, in 2017. In 2023, Businessolver was the first benefits administration platform to successfully integrate Microsoft Azure’s Open AI into its proprietary AI models. This integration enhanced Businessolver’s virtual assistant, Sofia, improving the ability to handle complex questions and provide even greater self-service capabilities.
Businessolver Mergers and acquisitions (M&A) Activities
The acquisition of The Capstone Group by Businessolver, announced on February 15, 2024, marks a strategic move to enhance Businessolver's position in the employee benefits outsourcing, risk management, and compliance solutions sector. This acquisition aims to leverage The Capstone Group's expertise to further bolster Businessolver's capabilities in benefits technology and outsourcing for its extensive client base of over 800 clients.
Prior to this acquisition, on October 11, 2022, Businessolver had already made a significant move by acquiring Workterra. Workterra is recognized for its fully configurable, user-friendly benefits administration and enrollment platform, which simplifies the complexities associated with benefits management and compliance. Through automated integration with carrier and payroll systems, Workterra offers a streamlined, paperless approach to benefits administration, complemented by a dedicated team committed to delivering superior customer service.
Together, these acquisitions demonstrate Businessolver's strategic vision to expand its portfolio of SaaS-based benefits technology and services, offering clients comprehensive solutions for their HR and benefits management needs.
Businessolver Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Businessolver 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 Businessolver 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 Benefitsolver customers.
Businessolver Overview
Ownership: - x
Number of Employees: 1700
Functional Market: Benefits Administration, Compliance, Performance Management, Compensation,
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, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Businessolver Key Cloud and HCM Applications
Benefitsolver
Businessolver 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.
Businessolver Revenue Breakdown by Type:
Businessolver 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 | |
Businessolver HCM Applications Revenues By Verticals, $M:
Businessolver 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 |
Businessolver Direct vs Indirect sales
Region | Direct Sales | Indirect Sales | Total |
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Type % | Subscribe | Subscribe | Subscribe |
Revenues, $M | Subscribe | Subscribe | Subscribe |
Businessolver Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Businessolver Customers
No. of Businessolver Customers: 800
No. of Businessolver HCM Applications Customers: x
No. of Businessolver Cloud HCM Customers: x
No. of Businessolver Cloud HCM Subscribers: x
Among Businessolver 800+ customers are Mercer, Wells Fargo, Health e(Fx), Principal Financial Group and others.
Businessolver Market Opportunities, M&A and Geo Expansions
In 2023, Businessolver delivered significant impact to its clients by expanding its market-first proprietary AI across the company’s Benefitsolver platform. These innovations directly address the challenges organizations face in driving meaningful employee benefits engagement and wellbeing support. Businessolver’s investment in AI centered around optimizing the employee experience, empowering them to access benefits information with ease, enroll in plans easily and understand their benefits spend. Businessolver also improved the omnichannel communication experience related to one of the most important employee needs—claims. To support this, Businessolver integrated claims details into its AI functionality within the MyChoice Accounts experience. This resulted in more transparency around claims status and substantiation requirements.
In 2022, Businessolver enhanced its leadership team by welcoming two pivotal executives: George Lo as Chief Technology Officer and Carey McKenzie as Chief Acquisitions Officer. These strategic appointments were made to spearhead the company's innovation and growth strategies. George Lo brings a wealth of experience from his prior roles as the senior vice president of engineering at eHealth and vice president of engineering at Marketo, amplifying Businessolver's expertise in engagement and integration within its expanding product portfolio. On the other hand, Carey McKenzie, with over 25 years of experience in the benefits industry and technology sector, particularly with LifeWorks (formerly known as Morneau Shepell), is poised to drive Businessolver's growth trajectory by maximizing value for customers and investors through strategic acquisitions.
Businessolver Risks and Challenges
Verticalization and expansion of its ecosystem could be a key to Businessolver's long-term success.
Businessolver Ecosystem, Partners, Resellers and SI
In 2023, Businessolver announced several key partnerships and initiatives: Businessolver partnered with industry leaders DriveWealth and Sentinel Group to integrate a fully integrated health savings account (HSA) investment experience into its proprietary consumer-directed healthcare accounts engine, Benefitsolver. This integration allows participants to manage their HSA claims and investments within the same platform where they handle their entire health and welfare benefits package. Businessolver entered into an agreement with global professional services firm Aon's Active Health Exchange to become a new technology vendor. Aon will leverage Businessolver's Benefitsolver platform to offer a curated enrollment experience to its diverse customer base. This marks the first time Aon's exchange has onboarded a new technology provider since its inception, opening up new technology and service opportunities. Businessolver expanded its Pinnacle Program by adding three new preferred solution partners. These Pinnacle Partners collaborate closely with Businessolver to offer seamless in-platform integrations, enhance employee experiences, and deliver cost savings to clients. This strategic expansion strengthens Businessolver's ecosystem of partners and reinforces its commitment to providing comprehensive benefits technology and services through Benefitsolver.
On December 6, 2022, Businessolver revealed a significant global partnership with Benefex, an esteemed employee platform renowned for delivering HR and benefits experiences worldwide. Bringing together the technology-focused Benefex and Businessolver solutions, this partnership creates an unparalleled, global proposition. As a result, shared customers will be able to deliver a truly global approach to benefits technology, administration, and communication.
Businessolver Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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- Businessolver Public Cloud and Infrastructure (IaaS)
- Businessolver Platform (PaaS)
- Businessolver Application Delivery
- Businessolver Private Cloud and Data Centers
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:
https://www.appsruntheworld.com/taxonomy
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