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Benefitfocus inks $46 million deal in Q3

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By Liz Segrist
Published Nov. 9, 2015

Benefitfocus CEO Shawn Jenkins said the Daniel Island-based software firm had its best quarter yet.

During the third-quarter earnings call, Jenkins pointed to a decline in losses, an uptick in sales and the signing of the company’s largest customer agreement to date.

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Benefitfocus, which provides services for the benefits industry, signed a $46 million, 3 1/2-year agreement to provide benefits eligibility and enrollment services to more than 500,000 active and retired members of the North Carolina State Health Plan.

“We experienced strong customer activity in both our carrier business and employer business, resulting in the best quarter in the company’s history,” Jenkins said in a news release announcing the earnings.

Total revenue was $45.4 million in the third quarter, up 33% from the same time last year. That breaks down to software services revenue of $39.3 million and professional services revenue of $6.1 million; and employer revenue of $22.8 million and insurance carrier revenue of $22.6 million.

The company’s net loss was $13.2 million, $4 million less than at the same time a year ago. Net loss per share was 46 cents compared with 66 cents last year.

The firm ended the quarter with 703 large-employer and 55 insurance carrier customers.

The company also received certification as an approved transmitter, meaning it can now electronically file required Affordable Care Act compliance documents with the IRS on behalf of customers.

Reach staff writer Liz Segrist at 843-849-3119 or @lizsegrist on Twitter.

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