WEST DES MOINES, Iowa (February 22, 2016) — Businessolver(R), a leading SaaS-based benefits administration technology provider, completed a successful 2015 with significant business momentum, fueled by accelerating client wins, new product capabilities related to Affordable Care Act (“ACA”) reporting and geographic expansion, supported by key hires. The company also showcased its thought leadership activities through its multi-city Vision 20/15 Tour, which provided industry leading content on employee benefits technology and other HR trends.
– Continued its multi-year track record of generating average annual revenue growth of approximately 35 percent combined with strong profitability, and further solidified its position as an industry leader.
– Supported on average more than 25,000 unique users per day to choose their medical and other benefit elections during the open enrollment period in the fourth quarter of 2015, an increase of 25 percent from the previous year.
– Grew its employee base approximately 30 percent, with over 550 full-time employees as of December 31, 2015.
– Launched the Affordable Care Act (ACA) Compliance Suite(SM) and was one of the first vendors approved by the Internal Revenue Service to transmit data electronically on behalf of clients.
Businessolver’s client roster saw impressive, high-profile additions in several sectors including, but not limited to: retail, technology, publishing, healthcare, education and financial services. These additions included a 30,000 employee restaurant hospitality company, a 5,000 employee online social networking company and an 8,000 employee digital marketing and content provider.
“Our company mission is clear: grow our business and delight our clients. I’m proud to say that we accomplished both of these objectives in 2015, building further trust with our current clients and adding many new impressive companies to the fold,” said Jon Shanahan, President and CEO of Businessolver.
Leading ACA Solutions Provider
Employers’ growing anxieties over the looming 2016 ACA requirements drove increased interest in Businessolver’s new integrated ACA Compliance Suite introduced in 2015. The software helps both large and small employers comply with new healthcare mandates and includes status tracking and reporting features that collect required data, all delivered in a streamlined, plain-language format.
Underscoring the increasing interest in the complexities of ACA compliance as well as Businessolver’s sector leadership, over 2,000 participants attended a Businessolver and Employee Benefit News (“EBN”)-sponsored webinar in September that addressed ACA issues.
Over the past year, Businessolver strengthened its market position with the addition of several strategic HR technology partners. Most recently, Businessolver announced a strategic partnership with employee communications and engagement leader Guidespark to further the ease and understanding of benefits selection for employees. Through this partnership, Businessolver will embed Guidespark’s video content and engagement platform directly within Businessolver’s SaaS-based benefits administration platform.
Additionally, Businessolver bolstered its partnership with eHealth (NASDAQ: EHTH), the nation’s first and largest private health insurance exchange, to provide health insurance options for employees not eligible for employer-sponsored coverage and an alternative for those who are COBRA-eligible.
In addition to the partnerships with Guidespark and eHealth, Businessolver expanded its strategic alliance with Cornerstone OnDemand (NASDAQ: CSOD) and joined Ultimate Software’s UltiPro Developer Network (UDN). Businessolver expects further announcements in 2016 regarding future partnerships to extend the reach of its benefits technology platform.
Industry Thought Leadership
Businessolver spotlighted its industry-leading knowledge and expertise about employee benefits technology administration and trends during its multi-city Vision 20/15 Tour.
At the well-attended events, HR professionals received first-hand information about trends in benefits, technology and human resources. Attendees also had the opportunity to engage with influential and forward-thinking voices in leadership, personal development and the insurance industry as well as network and share best practices with other HR peers. The tour was sponsored by Businessolver in conjunction with Discovery Benefits, Voya Financial and Transamerica. The company will be kicking off its Vision 20/16 Tour in April 2016.
Increased Operational and Market Reach
Businessolver continues to augment its talent base both in Des Moines and Denver.
Dave Moore, a five-year veteran of Businessolver, was appointed Vice President of North American Sales to lead the company’s rapid expansion of its salesforce.
In the past year, the company has more than doubled its salesforce and solidified its commitment to a national coast-to-coast presence with the addition of personnel in key markets including New England, Southern California, Florida, Ohio and Tennessee. Supporting this expansion is the addition of Sue Boland-Harter as Vice President of Solutions and Exchanges, with 20 years of benefits experience she will manage the company’s innovative private exchange strategies.
Businessolver started the year off in a position of strength and is poised to hold that position throughout the year.
“Over the course of 2016, we will not be taking our foot off the pedal, we’ll be announcing several strategic initiatives both related to our product offerings, new philanthropic efforts with the Businessolver Foundation and further expansion of our offices in Des Moines and Denver. We’re planning further expansion geographically, with an emphasis on the east coast,” said Shanahan. “In the coming year, we will demonstrate growth with purpose, and continue to differentiate ourselves with a technology with heart approach to our stakeholders.”
Businessolver is a leading benefits administration technology provider combining configurable SaaS technology with a high-touch service model to deliver a powerful benefits technology solution. The company’s benefits administration solution automates complex processes associated with benefits management, including enrollment and eligibility, billing and financial reporting, as well as benefits reporting and analytics. The company also offers solutions beyond typical benefits administration, including ACA compliance and private exchange solutions. Over seven million employees, retirees, COBRA participants and their covered dependents now rely on Businessolver technology and services to manage, their benefits.
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