Benefit Resource, which is backed by CIP Capital, has acquired Minneapolis-based 121 Benefits, an administrator of pre-tax benefits and benefit continuation services. No financial terms were disclosed.
ROCHESTER, N.Y. (PRWEB) OCTOBER 01, 2020
Benefit Resource, LLC (BRI) today announced the acquisition of 121 Benefits, a Minneapolis-based administrator of pre-tax benefits and benefit continuation services. This marks the first acquisition for BRI since its strategic partnership with CIP Capital in August 2019.
“As BRI looked to strengthen its geographic presence in the Midwest, 121 Benefits presented a unique fit with its a strong commitment to its clients through personalized and dedicated service, similar to BRI’s approach. This cultural alignment was a key factor in our decision and will be a key factor in the success of this partnership,” says Jason Hall, CEO at BRI.
BRI and 121 Benefits share a vision for what constitutes a best in class approach: ensuring client and participant satisfaction remains a focal point of its products, providing market-leading expertise and delivering its products and services with security and integrity. Further, BRI’s recent advancements in contactless payments and the BRI Insights, decision support tool, provide unique market advantages for 121 Benefits and its clients.
“121 Benefits prides itself on providing personalized, high-touch service that makes employers feel like they’re our only client,” says Linda Heuer, President at 121 Benefits. “In addition to continuing our strong service execution with BRI, we are excited to provide our clients and participants with increased value through BRI’s proprietary administrative and industry-leading payment technology.”
About Benefit Resource (BRI):
BRI (http://www.BenefitResource.com) provides dedicated pre-tax account administration and COBRA services nationwide to clients ranging from small businesses to Fortune 100 companies. BRI pioneered paperless card technology and continues to lead the industry with a one-card solution for FSA, HRA, HSA, and Parking/Mass Transit plan administration, online enrollment and account management to simplify human resource involvement, and mobile balance and receipt applications to provide added convenience to participants.
About 121 Benefits:
121 Benefits (http://www.121benefits.com) core focus is delivering employee benefits with personalized, high-touch service clients can rely on. The firm believes that creating, accessing, and using benefits should be as simple and stress-free as possible. The firm is the trusted consultant and administrator for clients who offer their staff Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), VEBA, Qualified Transportation Plans, Employee Wellness Benefits Accounts, Affordable Care Act (ACA) Reporting, Defined Contribution Plans and Continuation Services of COBRA, Retiree Billing and Leave of Absence Billing. Our clients’ employees appreciate the support they receive when they call our customer service center, plus 24/7 access to their accounts through our website and mobile app.
About CIP Capital:
CIP Capital is a New York-based private equity firm focused on investing in growth-oriented, middle-market companies across the Business Information and Technology-Enabled Services sectors in North America. The fund seeks to invest in proven, profitable businesses that provide their customer bases with critical information, data-driven insights, and value-added outsourced services. CIP targets investments in sectors including tech-enabled business services, data-driven marketing services, human capital management and knowledge services. For more information please visit: http://www.cip-capital.com.