Goldman Sachs has been investing in the company since 2007 and now owns about $500 million in Benefitfocus shares, or about 45 percent of the value of the company. Benefitfocus sells software and web-based services that employers or insurers can use to enroll consumers in coverage through the Internet and to administer the products sold.
A comparison of a Goldman Sachs offering filing and earlier company filings show that the company has been growing. The company now has relationships with 43 carriers and 418 large employers, up from 40 carriers and 393 large employers at the end of 2013.
The company says one of the risks it faces is the fact that it is still controlled by Goldman Sachs. The federal government classifies Goldman Sachs as a bank holding company, and Benefitfocus as a bank holding company subsidiary. Benefitfocus is subject to supervision by the Federal Reserve.