(Bloomberg) — Benefitfocus Inc., the provider of software that helps employers offer insurance options to their staff, jumped the most since 2013 after Marsh & McLennan Cos. announced a deal to invest in the company.
Mercer, a consulting unit at New York-based Marsh & McLennan, acquired a 9.9 percent stake in the software seller, Benefitfocus Chief Executive Officer Shawn Jenkins said late Tuesday in a conference call. Charleston, South Carolina-based Benefitfocus rose 50 percent to 34.34 at 9:33 a.m. in New York Wednesday.
Also read: Is this the benefits industry's Steve Jobs?
The deal will allow Mercer to expand its insurance exchange, which uses Benefitfocus's technology to provide benefits such as life and disability coverage.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
