SAN MATEO, Calif. (AP) — WageWorks Inc., which provides health, commuter and other employee benefits, said Monday that it bought Benefit Concepts Inc. in a deal that strengthens its position in the consumer-directed benefits market.
Terms were not disclosed.
Benefit Concepts caters to mid-sized and large employers and handles benefits such as Flexible Spending Accounts and Health Reimbursement Arrangements, COBRA benefits continuation and other services.
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The company will continue to service customers out of its Rhode Island offices, with additional support from WageWorks.
Shares of San Mateo, Calif.-based WageWorks fell 9 cents to close at $17.41.
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