Health insurer Aetna will double the size of its business of administering consumer health care accounts with a $202 million acquisition of PayFlex Holdings Inc., which does business as PayFlex Systems.
Omaha, Neb.-based PayFlex sells the HealthHub Web portals to enable consumers to access and manage health savings accounts, flexible spending accounts or health reimbursement arrangements. The company, with 423 employees, also offers applications to access the information via mobile computing devices.
Hartford, Conn.-based Aetna expects the deal to close during 2011. The acquisition will significantly strengthen Aetna's existing Consumer Fund Services business, according to a statement. The combined business will manage about 2 million accounts. More information is available at payflex.com.
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