logo
Intelligence
Tracking
Tools
logo
Intelligence
Tracking
Tools

Millennium Trust To Acquire Payflex From Cvs Health

Apr 05, 2022•over 3 years ago

Acquiring Company

Millennium Trust

Acquired Company

PayFlex

Financial ServicesProfessional Services

Description

Millennium Trust Company, LLC (“Millennium Trust”), a leading provider of retirement and financial services for employers, institutions, advisors, and individuals, today announced it has signed a definitive agreement to acquire PayFlex Holdings, Inc. (“PayFlex”), a provider of health savings accounts (HSAs) and consumer-directed benefit administration services, from CVS Health Corporation (“CVS Health”).

Company Information

Company

Millennium Trust

About

Millennium Trust is a leading provider of retirement and financial services and consumer-directed benefits, with more than five million individual and institutional clients holding more than $47 billion in assets. We are committed to the evolving needs of individuals, employers, advisors, and institutional partners and to empowering clients with trusted expertise, exceptional service, and access to a wide range of solutions. Whether clients are managing retirement assets, running a business, or seeking choices beyond traditional asset options, Millennium Trust provides flexible digital solutions to support their success. Learn more at www.mtrustcompany.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed