WellPoint, Indianapolis, moved to expand its presence in the fast-growing market for so-called consumer-driven healthcare coverage, agreeing to acquire Lumenos, Alexandria, Va., for $185 million in cash.
Founded in 1999, privately held Lumenos provides health savings accounts and other consumer-driven products to self-insured employers. The company expects 2005 revenue of $45 million.
WellPoint said the acquisition is scheduled to close in the second quarter, pending regulatory approval, and should not affect 2005 earnings. The deal marks the first acquisition for the nation's largest health insurer, which was formed in November 2004 through the $16.4 billion merger of Anthem and WellPoint Health Networks.
UnitedHealth Group, the nation's second-largest health insurer, similarly expanded its consumer-driven offerings in December 2004, acquiring HSA vendor Definity Health Corp. for $300 million.