Evolution Benefits acquires SmartFlex business
Avon-based Evolution Benefits, which provides electronic payments for employee benefits, has acquired Motivano's SmartFlex benefits debit card business.
Motivano, based in Tampa, is a multi-product company that decided to sell its flexible spending business to focus on other products.
"Acquiring the SmartFlex business will allow Evolution Benefits to reach well over the one million mark in cardholder accounts," said EB chairman and CEO Robert Patricelli in a statement. "We also expect the substantial organic growth we've experienced over the last five years to continue as consumer-directed health care takes hold and people increasingly resort to tax-favored prepaid accounts to pay for their growing out-of-pocket health care costs."
Financial terms of the deal were not disclosed.
WBJ Web Partners
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