Metavante Corp., Milwaukee, a provider of banking and payments technology to businesses including health plans and third-party administrators, announced plans to acquire BenSoft, San Diego.
Financial terms of the deal were not disclosed. Officials said the deal is not expected to have an impact on Metavantes revenue or profitability in 2008, and anticipate the transaction to close this week.
BenSoft's product, RepayMe, which provides a Web-based tool for members of various benefit programs to obtain reimbursement for expenses covered by their health plans, will be integrated into Metavante's existing health payment suites of products, officials said in a news release. The product is designed specifically for third-party administrators and health plans offering flexible spending accounts, health reimbursement accounts and health savings accounts.