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FSA Administrator Acquires NFP Unit

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WageWorks Inc. has acquired the reimbursement administration business of FBD Consulting Inc., a unit of National Financial Partners Corp.[@@]

WageWorks, San Mateo, Calif., and NFP, New York, are not giving the price of the deal, but they say they hope to complete it in November.

NFP has been known mainly for acquiring life insurance agencies and other financial services firms in an effort to build a national financial services distribution organization.

WageWorks, San Mateo, Calif., says it is making the FBD deal to build on its own efforts to build a company that administers claims for flexible spending account programs, health savings account programs, health reimbursement arrangements and other types of personal employee account programs, such as tuition assistance account programs and life planning account programs.

NFP says it has agreed to market WageWorks account administration services to NFP clients.