WageWorks Acquires Tango Health’s Health Savings Account Business
October 03 2017 - 4:15PM
WageWorks, Inc. (NYSE: WAGE), a leader in administering
Consumer-Directed Benefits, today announced it has acquired Tango
Health’s Health Savings Account (HSA) business. The transaction
strengthens WageWorks’ HSA product offering and its leadership
position in the Consumer-Directed Benefits market.
“We are thrilled to welcome Tango Health’s HSA clients and
account holders to WageWorks,” said Joe Jackson, Chairman and CEO
of WageWorks. “This acquisition expands WageWorks’ comprehensive
product portfolio and will accelerate our momentum as the leader in
administering Consumer-Directed Benefits.”
The transaction includes Tango Health’s HSA technology platform
and client portfolio. WageWorks and Tango Health will work together
over the next several months to ensure a smooth transfer of the
business and operations while maintaining outstanding service for
existing customers.
“Our decision to exit the HSA market and focus on our rapidly
growing core offerings was made easier knowing we could rely on
WageWorks to take care of our customers,” said Todd Praisner, CEO
and Founder of Tango Health. “WageWorks has an outstanding track
record of successful business integrations, and we are confident
knowing our customers and their account holders will be supported
by the industry leader. Our ongoing partnership offers a combined
best-in-class solution for customers needing decision support,
benefits communications and consumer-directed account
administration.”
In addition to HSA administration, Tango Health provides
software and services to help enterprises achieve, maintain and
report on ACA compliance, as well as decision support tools to
ensure that employees are choosing the most appropriate health
coverage. WageWorks and Tango Health have also established a
channel partnership in support of these services.
About WageWorksWageWorks (NYSE: WAGE) is a
leader in administering Consumer-Directed Benefits (CDBs).
WageWorks is solely dedicated to administering CDBs, including
pre-tax spending accounts, such as Health Savings Accounts (HSAs),
health and dependent care Flexible Spending Accounts (FSAs), Health
Reimbursement Arrangements (HRAs), as well as Commuter Benefit
Services, including transit and parking programs, wellness
programs, COBRA, and other employee benefits. WageWorks makes it
easier to understand and take advantage of Consumer-Directed
Benefits for more than 100,000 employers and approximately 6.5
million people. WageWorks is headquartered in San Mateo,
California, with offices in major locations throughout the United
States. For more information, visit www.wageworks.com.
Media Contacts:
Elizabeth AndersonVP, Corporate
Communications972-984-0800elizabeth.anderson@wageworks.com
J.D. WhittenburgDirector, Corporate
Communications214-596-2139jd.whittenburg@wageworks.com
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