Workers Benefit Fund Announces Acquisition of BeneStream

NEW YORK, Dec. 18, 2019 /PRNewswire/ -- Today, the Workers Benefit Fund (WBF) announced it has acquired all operating assets of BeneStream. The acquisition will strengthen WBF's work empowering workers and workers' organizations by supporting the delivery of benefits to gig workers as well as the sustainability of the organizations representing them. The deal was approved by over 92% of BeneStream shareholders, and WBF will take on all BeneStream employees.   

"The Workers Benefit Fund is committed to helping workers in the gig economy live longer, happier, healthier lives by providing good benefits and our acquisition of BeneStream will help us continue to meet that goal. BeneStream has a strong track record of delivering results and we're excited about teaming up to keep supporting workers," said Nick Abramovich, WBF's President. 

WBF's acquisition of BeneStream will help the company continue to succeed in its mission delivering benefits to workers. BeneStream's Medicaid for the Workplace platform provides large unions and employers a one-stop enrollment platform that helps low-wage workers access a full suite of government benefits through a single, integrated platform. The platform includes digital screening capabilities in addition to a call center of multilingual enrollment specialists and policy experts who can help individuals and families connect with an array of benefits they may or may not know are available to them.

BeneStream has screened and enrolled tens of thousands of households into Medicaid and CHIP. With no premiums or deductibles, and zero or minimal co-pays, these households now have accessibility to preventive health services resulting in a healthier and more dedicated workforce.  BeneStream clients have tracked up to 30% less turnover when comparing enrolled Medicaid recipients in comparison to non-Medicaid employees.

By acquiring BeneStream's screening and enrollment process and technology WBF adds a whole new level of empowerment to a large segment of the worker population and further streamlines delivery.

About Workers Benefit Fund
Workers Benefit Fund partners with local industry and sector leaders to provide benefits for millions of workers in today's rapidly expanding gig economy. As independent contractors, gig workers lack strategic representation and traditional access to a stable benefits package. Workers Benefit Fund works closely with labor leaders to provide health and other benefits to the workers in their industry.

ABOUT BeneStream
BeneStream provides businesses and unions with innovative, cost-saving products and services by connecting their qualified employees to government benefits. BeneStream was launched with a grant from the Ford Foundation and venture funding from Kapor Capital, BlueCross BlueShield Venture Partners, TLSG Investments and others.

CONTACT: Eric Koch, [email protected]

SOURCE Workers Benefit Fund