Metavante to Acquire BenSoft
Metavante has announced it plans to acquire BenSoft Incorporated and its product, RepayMe. Metavante will integrate RepayMe into its existing Healthcare Payment Solutions suite of products. According to Metavante, "RepayMe software provides a Web-based tool for individuals who participate in various benefit programs to easily obtain reimbursement for eligible expenses that are covered by their benefit plans."
“As the healthcare market moves toward more consumer-driven healthcare plans, the marketplace is demanding a single integrated benefit administration solution for FSAs, HRAs, HSAs, transportation spending accounts and related benefit services,” said Frank D’Angelo, president, Metavante Payment Solutions Group. “The acquisition of a leading Web-based, easy-to-use and cost-effective flexible benefit system expands Metavante’s current consumer-driven healthcare and benefit account processing services and represents our continuing investment in single-source solutions for consumer, provider and payer healthcare payments.”
“RepayMe enhances Metavante’s ability to help health plans and TPAs more effectively compete, manage costs and help consumers make more effective healthcare choices. It strengthens our market leadership with a more comprehensive healthcare benefit account solution,” said John Reynolds, president, Metavante Healthcare Payment Solutions.
“BenSoft has an existing relationship with Metavante through its Healthcare Payment Solutions division. This acquisition now provides Metavante with additional cross-sell opportunities for HSAs, payment distribution services and business process outsourcing, as well as additional call center resources,” said BenSoft Incorporated Chief Executive Officer Tom Horan.
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