The move demonstrates continued strategic growth and strengthens its position as a leading consolidator in the industry
OAK BROOK, Ill. — (December 19, 2023) – PayFlex, a Millennium Trust solution and leading provider of health savings accounts (HSAs), flexible spending accounts (FSAs), and consumer-directed benefit administration services, has acquired the Maestro Health consumer directed benefits business from third-party administration (TPA) technology company Marpai. The deal represents one of Millennium Trust’s key capabilities in health and benefits, reflecting the company’s rapid expansion in consumer directed benefits following recent acquisitions of BRI and ProFlex earlier this year.
“As a leading consumer directed benefits provider, we feature user-friendly technology and offer clients a best-in-class experience with exceptional customer service,” CEO Dan Laszlo said. “This acquisition will provide that support to our new clients and reflects our strong HSA and FSA capabilities. This is a strong core competency for us, and our ongoing growth indicates the ability to take on future consumer-directed benefit administration opportunities.”
The transaction also includes a five-year relationship pursuant to which PayFlex will be the preferred provider of HSAs, FSAs and other consumer directed benefits to Marpai’s clients.
“The sale of our consumer directed benefits business to PayFlex provides expanded service and capabilities for our clients while allowing Marpai to continue to focus on our core business of providing cost-effective solutions to self-funded employers,” Marpai CEO Damien Lamendola said.
Founded in 2000, Millennium Trust focused on individual retirement account custody and administration and has since grown and broadened its platform offerings to cover a wider range of retirement, wealth, health, and benefits solutions. The company has been named a Crain’s Chicago Business Fast 50 company for six consecutive years.
“We are dedicated to understanding and anticipating clients’ evolving needs, delivering an extraordinary experience, and continuing to enhance our technology platforms,” Laszlo said. “Given our size with respect to consumer directed benefits accounts, we can provide opportunities to TPA groups that currently have relatively small books and may be looking to sell them, but still retain the opportunity to make these products available to their future clients. We are a trusted and experienced partner and welcome future opportunities.”
About Millennium Trust Company
Millennium Trust Company solves important business challenges through innovative financial wellness solutions that help people plan, save, and invest. With more than 7 million clients holding over $62 billion in assets under custody, we are committed to using our decades of expertise and strong partnership with the financial community to empower employers, advisors and institutions to help people achieve short-term and long-term financial security. Learn more and follow us on LinkedIn. In 2024, Millennium Trust will become Inspira Financial. Learn more at inspirafinancial.com.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is a leading, national TPA (Third Party Administrator) company bringing value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Marpai works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna and all TPA services. For more information, visit marpaihealth.com, the content of which is not incorporated by reference into this press release.
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