WageWorks Inc., a San Mateo, California-based administrator of consumer-driven health and other benefit plans, said it has purchased health plan administrator Conexis Benefits Administrators L.P., a unit of The Word & Brown Cos. in Orange, California.
The purchase price was $118 million, WageWorks said Friday in a U.S. Securities and Exchange Commission filing.
“We are very pleased to welcome Conexis to the WageWorks family,” WageWorks CEO Joe Jackson said in a statement. “The quality of their benefits administration services, as well as their customer and partnership relationships, make Conexis an ideal fit for WageWorks.”
Conexis, which WageWorks said will add $23 million to $25 million to its revenue for the remainder of 2014, will maintain its offices in Irving, Texas, and Orange, California.
WageWorks, which is publicly held, reported $21.7 million in net income in 2013 on $219.3 million in revenue.
Separately, WageWorks disclosed in another SEC filing that Chief Financial Officer Richard T. Green has notified the company that he intends to resign in order to pursue other opportunities.