Benefits technology and services provider Businessolver acquired Workterra, a benefits administration and enrollment platform. Businessolver said the acquisition’s goal is to expand its footprint in the employee benefits space.
With the acquisition, Businessolver said it will introduce “additional innovation” to the platform to set it on “a renewed growth path.”.@Businessolver said its acquisition of Workterra is aimed at expanding its footprint in the employee benefits space. #HR #HRTech Click To Tweet
Workterra provides customers with a cloud-based application that is automatically integrated into carrier and payroll systems. The company offers its customers the capability to alleviate the complexities associated with benefits administration and compliance. Workterra’s technology provides automated integration to carrier and payroll systems, creating a single-key, paperless approach.
Jon Shanahan, Businessolver’s president and CEO, said he was excited by the benefits the acquisition will bring to his company. Businessolver’s goal is to provide “innovation and benefits expertise to the service and product delivery for Workterra.”
Workterra President Ben Yomtoob said his company’s acquisition brings it “back to our benefit roots.” He said his new parent’s leadership would “lead to greater opportunities for our Workterra employees and customers.”
Employee Benefits and COVID-19
Separately, Jaclyn Chen, the co-founder and CEO of Benepass, a platform that distributes benefits and non-salary compensations to workers, called for personalized benefits for workers. Chen recently told HCM Technology Report’s PeopleTech Podcast that the COVID-19 pandemic has complicated employee benefits distribution. She emphasized the importance of putting together packages that will help keep employees onboard even as benefit distribution evolves.