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Ebix Acquires Online Health
Exchange HealthConnect Systems
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HealthConnect Systems Acquires BenefitPort's Technology Division
Merger Solidifies HealthConnect's Leadership Position for Employee Benefits Sales and Service Automation
October 29, 2004: HealthConnect Systems has acquired BenefitPort's Technology Division. BenefitPort's Technology Division provides online sales and service automation tools to brokers that market employee benefits to small and medium sized businesses. The transaction provides for HealthConnect to acquire the technology assets and retain selected personnel of BenefitPort. As part of the transaction, agencies associated with BenefitPort have agreed to become long-term clients of HealthConnect.
"This is a dramatic step forward for HealthConnect and our clients," commented Peter Everett, President and CEO of HealthConnect Systems. "BenefitPort has invested over $20 million to create a powerful system for benefits brokers. Similarly, we have made considerable investments in HealthConnect over an extended period of time and it has become the standard for benefits brokers in many markets. We will combine the best features from both companies in a single product, HealthConnect, which will be the clear gold standard for carriers, brokers, employers and employees in the benefits industry."
The transaction increases the geographic coverage, resources and customer base of HealthConnect significantly. The combined company will operate in 17 states with 31 general agencies and 2,700 agencies that actively use HealthConnect, representing 6,700 brokers in total. HealthConnect will quote 85 medical carriers with over 70,000 plan designs and process an estimated 2 million quotes per year.
Everett added, "HealthConnect will also be the only product which automates all functions of benefits brokers, including quoting, network analysis, forms, websites, commission tracking, agency management, human resource management and online enrollment. This singularly differentiates HealthConnect versus the myriad of single purpose "point" solutions offered to brokers by others."
"We are pleased to have completed this transaction with HealthConnect," commented Mike Ryan, President and CEO of BenefitPort. "The combined company will be a key vendor for us going forward, with significant resources and an aggressive budget for new product development."
The combined company will have offices in Bohemia, NY, Norwalk, CT and Fresno, CA.
For more information, visit www.healthconnectsystems.com or call 631-563-6122, ext. 238.
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