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Benefitfocus Inc

Benefitfocus, Inc. (BNFT) is a cloud-based benefits administration platform that enables employers to manage their employee benefits, HR, and payroll functions. The company was founded in 2000 and is headquartered in Charleston, South Carolina

Here are some key points to know about Benefitfocus Inc. (BNFT):

* Stock Symbol: BNFT is listed on the NASDAQ stock exchange under the ticker symbol "BNFT."

* Industry: Benefitfocus operates in the software as a service (SaaS) industry, specifically in the human capital management (HCM) sector.

* Revenue Model: Benefitfocus generates revenue through software subscriptions and related services. The company offers various pricing plans for employers and brokers, with pricing based on the number of employees, the complexity of benefits, and the level of service required.

* Key Financials: As of 2023, Benefitfocus reported $226.7 million in revenue, with a net loss of $48.2 million. The company's revenue has been growing steadily over the past few years, with a compound annual growth rate (CAGR) of 17% from 2018 to 2022.

* Growth Drivers: Benefitfocus has seen significant growth in recent years due to factors such as increased demand for cloud-based HR and benefits administration solutions, the expansion of employee benefits services, and strategic acquisitions. The COVID-19 pandemic has also accelerated the need for remote work and digital transformation in the HR and benefits administration industry, benefiting Benefitfocus's business.

* Competitors: Some of Benefitfocus's main competitors in the HCM and benefits administration market include Workday, Oracle, SAP, and Ultimate Software.

* Business Model: Benefitfocus operates a platform-as-a-service (PaaS) model, offering a cloud-based software platform for employee benefits administration, HR, and payroll functions. The platform integrates with various insurance carriers, third-party administrators, and payroll providers, enabling employees to manage their benefits, HR, and payroll functions in one place.

* Key Partners: Benefitfocus has partnerships with various insurance carriers, brokers, and payroll providers to offer a comprehensive suite of benefits and HR services to clients. Some of its key partners include Aetna, Anthem, Cigna, MetLife, UnitedHealthcare, and payroll providers like ADP and Paychex.

In summary, Benefitfocus, Inc. (BNFT) is a cloud-based benefits administration platform provider that offers a wide range of solutions for employers, brokers, and carriers. The company has been experiencing steady revenue growth, driven by factors like the increasing demand for digital HR and benefits administration solutions, and strategic acquisitions. Benefitfocus operates in the competitive HCM and benefits administration market, and its platform integrates with various insurance carriers, third-party administrators, and payroll providers to offer comprehensive HR and benefits services to clients.