WageWorks expands into health accounts market

SAN MATEO, Calif.—WageWorks, a provider of tax-advantaged spending accounts and debit cards, has acquired the assets of HCap Strategies.

Mequon, Wis.-based HCap Strategies is an employee benefits management and administration firm that offers flexible spending accounts, health savings accounts, health reimbursement accounts and other services through a national network of brokers and consultants.

The acquisition of HCap allows San Mateo-based WageWorks to provide its products to middle-market employers through HCap's network, the company said.

All current and potential HCap clients will now have access to benefits—including WageWorks' Health Care Choice Account—that have traditionally been available only to large companies, the company said.