Millennium Trust Co. completed its acquisition of PayFlex Holdings from CVS Health on June 1 for an undisclosed amount.
The purchase, first announced in early April, will significantly expand the Oak Brook, Ill.-based Millennium Trust platform to include health savings accounts, health reimbursement accounts, flexible spending accounts, COBRA administration and direct-billing services, according to a news release.
The deal includes a long-term commercial relationship with CVS Health subsidiary Aetna to maintain PayFlex as the payer's preferred provider of HSAs and other consumer-directed benefit solutions for existing and prospective members.
With Omaha, Neb.-based PayFlex's 2.4 million members and more than 2,500 clients, Millennium Trust now includes over 60,000 employer plan sponsors and approximately 5 million individuals, or $47 billion in total assets.
"The acquisition of PayFlex greatly expands the breadth of services and solutions available for our combined clients, including employers, institutions and individuals," CEO Gary Anetsberger said. "By adding health savings accounts and other benefits solutions, we can now offer access to a broader continuum of retirement and financial wellness solutions."