Metavante (NYSE:MV ), a leading provider of banking and payments technology, today announced its plans to acquire BenSoft Incorporated, of San Diego, Calif., and its product, RepayMe.
Metavante will integrate RepayMe into its existing Healthcare Payment Solutions suite of products.
RepayMe software provides a Web-based tool for individuals who participate in various benefit programs to easily obtain reimbursement for eligible expenses that are covered by their benefit plans.
BenSoft's RepayMe solution is designed specifically for third-party administrators (TPA), health plans and self-administrating employers seeking a cost-effective solution for flexible spending accounts (FSA), health reimbursement accounts (HRA), health savings accounts (HSA), and transportation (parking) accounts.
"As the healthcare market moves toward more consumer-driven healthcare plans, the marketplace is demanding a single integrated benefit administration solution for FSAs, HRAs, HSAs, transportation spending accounts and related benefit services," said Frank D'Angelo, president, Metavante Payment Solutions Group. "The acquisition of a leading Web-based, easy-to-use and cost-effective flexible benefit system expands Metavante's current consumer-driven healthcare and benefit account processing services and represents our continuing investment in single-source solutions for consumer, provider and payer healthcare payments."
The integration of RepayMe and Metavante's robust Benefits Payment Solution and extensive consumer and employer-facing Web tools will create a more comprehensive single system that offers more consumer-directed options and choices. In addition, combining Metavante and RepayMe technology and expertise creates a broader Metavante business processing outsourcing solution for administrators of benefit accounts, helping to reduce costs, improve operational efficiency, minimize execution risk, and free administrators for more strategic business management activities.
"RepayMe enhances Metavante's ability to help health plans and TPAs more effectively compete, manage costs and help consumers make more effective healthcare choices. It strengthens our market leadership with a more comprehensive healthcare benefit account solution," said John Reynolds, president, Metavante Healthcare Payment Solutions.
Metavante Healthcare Payment Solutions is one of the leaders in transforming the healthcare payments industry by accelerating the exchange of information and funds between patients, payers, providers and financial institutions. Forging new connections between payment and data systems to quicken the claims process, Metavante expedites benefits eligibility verification, claims substantiation, medical remittance processing, and payment and explanation of benefit distribution. With Web-enabled tools, an HSA platform, multi-purse benefit debit cards and combo eligibility/payment cards, Metavante enables integrated consumer benefit account management of HSA, FSA, HRA, and dependent care and transportation accounts.
"BenSoft has an existing relationship with Metavante through its Healthcare Payment Solutions division. This acquisition now provides Metavante with additional cross-sell opportunities for HSAs, payment distribution services and business process outsourcing, as well as additional call center resources," said BenSoft Incorporated Chief Executive Officer Tom Horan.
Terms of the completed transaction were not disclosed. The transaction is not expected to have a significant impact on Metavante's revenue or profitability in 2008.