WageWorks Acquires Benefit Concepts

WageWorks (NYSE: WAGE), a leading provider of Consumer-Directed Benefits (CDBs), such as pre-tax accounts for health, commuter and other employee benefits, today announced that it has acquired Benefit Concepts, Inc., a leading provider of outsourced benefit solutions, based in East Providence, RI. This transaction further strengthens WageWorks' position in the Consumer-Directed Benefits market. Benefit Concepts serves the needs of hundreds of mid-sized and large employers by providing their employees and families with a range of Consumer-Directed Benefits, including health care, such as Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs), COBRA benefits continuation, and active benefits enrollment, designed to make access to healthcare easier and more affordable. "We are very pleased to welcome Benefit Concepts to the WageWorks family," said Joe Jackson, CEO, WageWorks. "The quality of their customer and broker relationships, their talented management team, and the expertise they have in COBRA administration and active benefits enrollment make them a natural fit for WageWorks as we continue to expand our comprehensive suite of Consumer-Directed Benefits.” ''At Benefit Concepts, our mission has been to simplify benefit administration and make it as efficient and as effective as possible. Being part of WageWorks offers us access to the extensive expertise, technology, and service resources of a leading national administrator that will make our offerings even stronger," said Jay Hoder, Chairman, Benefit Concepts. Benefit Concepts will continue to service its customers out of its Rhode Island offices, supported by additional capabilities, products and technologies provided by WageWorks. The company will now operate as "Benefit Concepts, Inc., a division of WageWorks, Inc.". WageWorks will host a conference call today, January 7, 2013, at 5:00 p.m. ET to further discuss the acquisition of Benefit Concepts and the expected financial impact. The live webcast of the conference call can be accessed under “Investor Relations” section of the Company's website at www.wageworks.com. Those wishing to participate in the live call should dial 866-271-5140 (toll-free) or 617-213-8893, and enter pass code 90572912. Following the call, an archived webcast will be available in the “Investor Relations” section of the Company's website at www.wageworks.com. A replay will be available at 888-286-8010 (toll-free) or 617-801-6888 using the pass code 52228494.