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WageWorks

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About WageWorks

WageWorks wants to make administration of tax-advantaged spending accounts easier. The company helps some 5,000 clients, including more than 40 of the FORTUNE 100 companies, implement and manage flexible spending accounts used for health, wellness, and dependent care, as well as commuting and tuition expenses. The WageWorks SaaS (software as a service) – more... platform also can be used for health savings accounts and other health care reimbursement programs. Its online tools provide real-time visibility into account activity and the ability to work with any combination of insurance carrier or financial institution. Founded in 2000, WageWorks operates through about 10 offices across the US. It went public in 2012.

WageWorks filed to go public in 2011, but the offering was delayed a year due to market volatility. The company eventually raised about $58 million in its IPO, significantly less that the $75 million it was hoping to gain. It is using the proceeds for working capital and general corporate purposes, such as expanding its sales and marketing efforts or investing in technology or other businesses in order to augment its client base. WageWorks also plans to boost hiring.

Its IPO followed a positive fiscal 2011, when revenue rose 18% to $136 million, and profits incrased to $33 million, compared to a loss of $17 million in 2010. The company benefitted from acquisitions, as well as an increased number of employee participants in its commuter benefits (transit and parking) program.  Key customers include Ford Motor Co., Morgan Stanley, and the State of New York. And in 2012 WageWorks signed a deal with Aflac that is expected to add annual revenue of $4 million to $7 million. WageWorks is taking control of Aflac's commuter account administration business, while Aflac agents offer WageWorks benefit plans to their customers.

In addition to adding to its customer base, another component of WageWorks' expansion strategy includes growth through acquisitions. In 2012 it spent $39.9 million on two key purchases -- Choice Care Card LLC, a human resources administrator also known as Choice Strategies, and TransitCenter, or TransitCheck, a commuter-benefits nonprofit. Earlier acquisitions include the 2010 purchase of assets from Fringe Benefits Management (which increased its services for public sector clients) and Planned Benefit Systems (which added a regional base of customers and participants from its location in Denver, Colorado).

Funds managed by VantagePoint Capital Partners own about 68% of the company. – less

WageWorks Employer Reviews

CLAIM PROCESSOR (Current Employee), Tallahassee, FLSeptember 5, 2014
Customer Service Representative/Sales (Former Employee), Tempe, AZAugust 22, 2014
Inbound Customer Service Representative (Former Employee), Tempe, AZMarch 23, 2014
Contract Corporate Recruiter (Former Employee), Tempe, AZMarch 1, 2014
Temp Work Assistant (Former Employee), Mequon, WIFebruary 11, 2014

Working at WageWorks

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