What did Voya Financial pay for Benefitfocus?

Voya Financial acquired Benefitfocus for $570.0M in 2023 (11.6x EBITDA), equivalent to 2.30x revenue. Target revenue was approximately $253.0M. Target EBITDA was approximately $49.0M.

What does Benefitfocus do?

Benefitfocus is a healthtech business.

What multiple did Voya Financial pay for Benefitfocus?

11.6x EBITDA and 2.30x revenue, based on disclosed deal value of $570.0M and disclosed financials.

M&A TRANSACTION · 2023

Benefitfocus acquired by Voya Financial

$570.0M· 11.6x EBITDA· 2.30x revenue

Target

Benefitfocus

Acquirer

Voya Financial

Strategic buyer

Disclosed financials at time of acquisition

Revenue

$253.0M

EBITDA

$49.0M

Deal Value

$570.0M

EV/EBITDA

11.6x

Context

This $570.0M acquisition of Benefitfocus by Voya Financial sits in the healthtech sub-vertical. The 11.6x EBITDA multiple paid in 2023 can be compared against the population median for healthtech transactions of similar size on our Healthtech valuation hub. Voya Financial is acquiring as a strategic buyer; see how strategic acquirers typically price healthtech businesses on our Healthtech strategic buyer-pool page.

Source

Data sourced from SEC Fairness Opinion — primary source. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology

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Citation: ExitValue.ai. (2023). Benefitfocus acquired by Voya Financial. https://exitvalue.ai/deals/benefitfocus-acquired-by-voya-financial-fairness-opi