BenefitMall and CompuPay have merged through an equity financing led by Austin Ventures.
The companies combined their strengths and now offer complete health insurance, benefits, payroll, and related products and services to small-to-medium sized businesses and their employees throughout the United States.
The merger positions the company to have the broadest service capabilities of any agency, according to CEO Bernard DiFiore. "A broker wants diverse products to add more value to clients. This enhances the value proposition of the broker to the client."
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DiFiore remains CEO of BenefitMall. Charles Lathrop, CEO of CompuPay, will serve as president and chief revenue officer of the merged company. Both DiFiore and Lathrop will join the board of directors of the company.
BenefitMall, headquartered in Dallas, Texas, has 32 offices in 11 states serving a network of more than 20,000 brokers nationwide. CompuPay, headquartered in Miramar, Fla., has 23 offices in 14 states serving customers in all 50 states. In total, the company will serve a growing national client base of more than 160,000 small-to-medium sized businesses with over 2.7 million employees.
"The size of the company is exciting," DiFiore said. "You've got history, experience and breadth to reach out to the small-to-medium sized business community."
The merged company will retain the BenefitMall name while CompuPay will do business as: CompuPay, a BenefitMall company. The transaction closed on May 1, 2012, and financial terms were not disclosed.
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