Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance > Life Insurance Strategies

Benefits Card Firm Scoops Up Competitor

Your article was successfully shared with the contacts you provided.

Evolution Benefits Inc. has acquired the SmartFlex benefits debit card assets of Motivano Inc.

Motivano, New York, decided to get out of the benefits card business to focus on other products, the company says.

Motivano entered the benefits card market in 1999, and Evolution, Avon, Conn., entered the arena in 2002.

The companies are not saying how much Evolution is paying for the SmartFlex operation, but they say they have developed a plan for shifting SmartFlex customers to the Evolution system.

Evolution will emerge with more than 1 million cardholder accounts, the company says.

Evolution now runs card account programs for 175 health plans and benefit plan administrators and about 7,700 employers.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.