WageWorks Inc., which offers consumer-directed benefits solutions, recently acquired the tax-favored and benefits continuation administration business of Fringe Benefits Management Company (FBMC), which offers customized voluntary and core benefit products primarily in the public-sector market.
The deal gives WageWorks a strategic foothold into the public sector, where FBMC has made its mark servicing health care flex and savings accounts, dependent care accounts, transportation benefits and COBRA. FBMC staff, technology and tools will be transferred to WageWorks, whose single platform features built-in debit cards for health care and account management tools. The company describes itself as the only one of its kind that delivers a completely integrated spending account solution.
FBMC’s core business, meantime, has rebranded itself as FBMC Benefits Management and will focus on providing full benefits brokerage and administration, benefits education, enrollment management and communications services to employers. In addition, the firm is partnering with WageWorks to develop new client relationships for pre-tax accounts.
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