SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of investment and financial software-enabled services and software, today announced it has acquired Glastonbury, Connecticut-based BenefitsXML, a provider of enterprise software solutions for employee benefit service providers.
BenefitsXML's Benefits Real Time Information Exchange (BRIX) employee benefits administration system is a multi-tenant, multi-channel customer self-service platform that lowers service costs and improves employee satisfaction for both employer and employee benefit service providers. Both employers and employee benefit service providers use BRIX to enable employees to manage their annual enrollment, new hire enrollment and ongoing changes throughout their lifecycle at the company. The acquisition adds 19 staff based in Glastonbury, Connecticut.
"BenefitsXML is SS&C's first acquisition to drive the 'health and wealth' aspects of today's financial services industry," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "With Benefits XML we get a proven platform which has enrolled thousands of individuals in sophisticated benefit plans. This large scale cloud-based platform gives SS&C additional technical and functional resources to more fully engage company-based health plans and wealth creation plans such as 401ks, 403bs and 457 plans."
"Our SaaS and enterprise platforms will deliver a powerful and cost-effective solution that can integrate with other financial applications," said David Donahue, Chief Executive Officer, BenefitsXML. "Combined with SS&C's extensive product portfolio and service delivery, we believe we can strengthen our capabilities and broaden our client base and global footprint."