WageWorks Strengthens Position as Market Leader With Acquisition of Planned Benefit Systems

Acquisition of leading independent administrator confirms WageWorks' position as nation's preeminent consumer-directed benefits provider.

SAN MATEO, Calif., Sept. 2 /PRNewswire-USNewswire/ -- WageWorks, the nation's leading provider of flexible benefit account services and COBRA administration, today announced that it has acquired Planned Benefit Systems Incorporated (PBS), an industry leader with more than 500 employer clients across the nation. The acquisition strengthens WageWorks' position in the consumer-directed benefits market and delivers a deeper suite of benefits solutions to companies of all sizes and their employees.  

PBS serves the needs of employers ranging from small to enterprise-class with pre-tax benefits services that include FSA, HRA, HSA, commuter and COBRA administration. Based in Centennial, Colorado, the company will now operate as Planned Benefit Systems, a WageWorks company. The combined company will have a market presence of over 4,000 clients and approximately 1.6 million participants.  

""The combination of WageWorks and Planned Benefit Systems further solidifies our position as the leading force in the consumer-directed benefits industry," said Joe Jackson, CEO, WageWorks, Inc. "Together we provide the industry's most comprehensive suite of pre-tax flexible account services and COBRA to employers of all sizes and needs."

"The opportunity to become part of the WageWorks family made perfect sense," said Jim Lynch, President, Planned Benefit Systems, Inc. "The core businesses at both companies are the same, and combined, we can provide expanded tools and technology for PBS' clients current and future."

Mr. Lynch, a highly regarded expert in benefits and compliance industry, and his full management team will continue to serve in their current capacities leading PBS.

About WageWorks

WageWorks, Inc. is the leading provider of consumer-directed benefits solutions. Products include: Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), COBRA and commuter products and services. WageWorks is the only company to deliver a completely integrated spending account solution. It offers products on a single platform with built-in debit cards for health care and convenient account management tools such as electronic-bill payment, cash reimbursement and transit-pass home-delivery services. This reduces the cost of plan administration, while maximizing plan participation and value for employees.

WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, please visit the Web site at www.wageworks.com

SOURCE WageWorks, Inc.