Sun Life Financial has announced that it has acquired Maxwell Health, an innovative start-up with an employee benefits platform that makes benefits and HR administration simple for employers and their employees, the company said.
With Maxwell Health´s platform, employees at small and mid-sized businesses can enroll in all their benefits, including medical, dental, vision, life, short- and long-term disability, voluntary coverages, financial benefits such as health savings accounts, and lifestyle products like telemedicine.
Maxwell Health´s comprehensive benefits administration platform supports an employer´s benefits strategy while streamlining the process by integrating with carriers, payroll systems and other third-party administrators.
Based in Boston, Maxwell Health was founded in 2012 and has 125 employees. Maxwell Health will continue to operate independently and provide services to the group benefits industry, in addition to enhancing capabilities for Sun Life.
Since 2015, Sun Life has been an investor in Maxwell Health and a provider on its digital benefits marketplace with life, disability and other insurance offerings. Terms of the acquisition were not disclosed.
Goodwin Procter LLP served as legal advisor to Sun Life. For Maxwell Health, Raymond James & Associates, Inc. acted as financial advisor and Greenberg Traurig, LLP served as legal advisor.