WageWorks, Inc. (NYSE:WAGE) acquired Benefit Concepts, Inc. from F. Jay Hoder and John Hoder for $28.8 million on December 31, 2012. The aggregate non- contingent portion of the purchase price was $17 million and was paid in cash. The purchase price also includes a contingent element that requires WageWorks to pay the former owners of Benefit Concepts additional amounts in 2014 and 2015 based upon annualized revenues of Benefit Concepts for 2014 and 2015, respectively. The initial value of the contingent element totaled $11.8 million based on Benefit Concepts forecasted annualized revenues for 2014 and 2015. Post acquisition, Benefit Concepts, Inc. will operate as a division of WageWorks, Inc. and will continue to service its customers out of its Rhode Island offices, supported by additional capabilities, products and technologies provided by WageWorks, Inc. Zachary Patton of Wilson Sonsini Goodrich & Rosati acted as legal advisor for WageWorks.

WageWorks, Inc. (NYSE:WAGE) completed the acquisition of Benefit Concepts, Inc. from F. Jay Hoder and John Hoder on December 31, 2012.