2013 | Press Release

May 6, 2013 – Wageworks acquires Crosby Benefit Systems

WageWorks Acquires Crosby Benefit Systems to Further Its
Leadership in Consumer-Directed Benefits
SAN MATEO, Calif. — May. 6, 2013 —WageWorks, Inc. (NYSE: WAGE), a leading
provider of Consumer-Directed Benefits (CDBs), such as pretax accounts for health,
commuter and other employee benefits, today announced its acquisition of Crosby
Benefit Systems, Inc., an administrator of benefit programs with a focus on higher
education and health care institutions, based in Newton, Massachusetts. This transaction
further strengthens WageWorks’ leadership position in the Consumer-Directed Benefits
market.
Crosby Benefit Systems serves the needs of hundreds of small businesses to large
corporations by providing their employees with a range of Consumer-Directed Benefits,
including Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements
(HRAs), COBRA benefits continuation, Direct Bill benefit enrollment and eligibility
management, as well as commuter and tuition benefits.
“We are very pleased to welcome Crosby Benefit Systems to the WageWorks family and
believe they fit in well with our stated portfolio purchase strategy,” said Joe Jackson,
CEO of WageWorks. “Their experienced team has developed a reputation for service
excellence which has earned them strong relationships with clients across a broad range
of industries, and proven success in cross selling products across their portfolio. We are
confident that by adding WageWorks’ offerings and resources, we will expand our
opportunities as a joint company.”
“We are thrilled to have the opportunity to continue our high quality and local service
with more powerful technology and an expanded portfolio of products,” said Harvey
Crosby, founder and President of Crosby Benefit Systems. Crosby Benefit Systems will
continue to operate out of their Newton offices as “Crosby Benefit Systems, a division of
WageWorks.”
Mystic Capital Advisors Group advised Crosby Benefits Systems, Inc. on the sale. For
more information, visit the company’s website at www.mysticcapital.com or call Matt
Klossner at 212-251-0251.
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