The profile is currenly unclaimed by the seller. All information is provided by CB Insights.

Founded Year



Acquired | Acquired

Total Raised


About Benefits Administration

Benefits Administration is a full-service third-party administrator. The company specializes in health, welfare, and retirement administration services to union trust organizations.On June 24th, 2020, Benefits Administration was acquired by Harbour Benefit Holdings. The terms of the transaction were not disclosed.

Benefits Administration Headquarter Location

9411 Philadelphia Road Suite S

Baltimore, Maryland, 21237,

United States


Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Benefits Administration News

Smart Employee Benefits Reports Q2/2022 Results

Aug 2, 2022

Author of the article: Conference Call Thursday August 4th at 3:30 P.M. We apologize, but this video has failed to load. Try refreshing your browser, or Q2/2022 revenue at $16.7 million increased by 3.8% versus Q2/2021 and 4.2% over Q1/2022 Posted 9th consecutive quarter of positive adjusted EBITDA Trailing Twelve Months (“TTM”) revenue increased by $5.0 million (8.5%) and TTM gross profit increased by $0.148 million (0.7%) Over 90% of targeted 2022 revenues are currently under contract Future revenue and EBITDA are expected to experience significant growth, driven by the Company’s strong business pipeline Advertisement 2 Article content MISSISSAUGA, Ontario, Aug. 01, 2022 (GLOBE NEWSWIRE) — Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) (OTCQB: SEBFF) reports its financial results for the second quarter ending May 31, 2022 (“Q2/2022”). SEB is an Insurtech company focused on technologies that provide leading-edge, cloud based end-to-end IT and benefit processing software, solutions and services for the life and group benefits marketplace and government. Please refer to the interim unaudited consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) for the six months ended May 31, 2022, filed on SEDAR at  for more information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars. Advertisement 3 Article content Nine consecutive quarters of positive Adjusted EBITDA. Benefits Solutions: Eight consecutive quarters of positive EBITDA. Technology Services: Adjusted EBITDA: $0.7 million versus $1.1 million in Q2/2021. EBITDA: $0.7 million versus $1.1 million in Q2/2021. Over 65% of year-to-date revenues come from clients with more than 5-year histories with the Company. With over $240 million of contract wins in the last 18-months and over $470 million of total contract value, management expects year-over-year increases in fiscal 2022 Revenue, Adjusted EBITDA and EBITDA. Advertisement 4 Article content States John McKimm, President/CEO/CIO of Smart Employee Benefits Inc.: “Since our inception, SEB has been investing in both Technology Services operations and more significantly in Benefits Solutions. Historically, Technology Services has strong profitability. Benefits Solutions has required significant investment, the majority of which has been expensed. This has penalized historical cash flow, net earnings and EBITDA, but going forward, Benefits Solutions should require minimal capital expenditures. The cost structure from acquisitions and integrations has been largely realigned and we anticipate both Technology Services and Benefits Solutions to show strong growth and positive cash flow in Fiscal 2022 and beyond. Today, approximately 80% of every new gross margin dollar goes to cash flow and EBITDA in both revenue streams. The contract values, including backlog, option years and evergreen, remain strong, with the Company continually renewing or winning sufficient new business to maintain and grow future annual revenues. Over 90% of 2022 targeted revenues are under contract, with over 80% under contract for the subsequent 4 years; and some under contract for as long as 11 years. The Company has established strong traction in multiple new business initiatives and is well positioned to win new business going forward. A one-time contract in the first half of 2022 increased the cost structure and reduced margins; however, this contract is considered an investment in the future as it contributes to both Intellectual Property assets opening opportunities with new clients and longer-term managed services revenue.” Advertisement 5 Article content Business Development Activities Fiscal 2022: Relationships have been consolidated and grown with multiple new business partners. The Company’s Channel Partner strategy has gained strong traction with more than a dozen active negotiations with brokerage organizations, Master General Agents, Third Party Administrators (“TPA”), insurers, unions, and corporate entities. Several agreements have been executed with Channel Partners; with revenue growth expected in 2022 and beyond. Channel Partner “White Label TPA” agreements have been signed with organizations representing over 180,000 plan members. Additionally, RFP wins added over 60,000 plan members in Fiscal 2021. Approximately 160,000 of those plan members are in transition, expected to be live later in 2022. Advertisement 6 Article content The Company’s RFP and Channel Partner sales pipeline is the largest it has ever been (in both corporate and government opportunities) for both Technology Services and Benefits software and solutions driven revenue streams. Business Outlook: Technology Services revenues have historically been cash flow positive, and net new business wins and renewals remain strong. Benefits Solutions revenue is becoming cash flow positive after considerable investments in technology, business infrastructure, and client acquisition. We expect both revenue streams to have continued strong sustainable growth going forward. Signed contracts (backlog, evergreen, option years), based on a 5-year time frame are valued at over $470 million, of which over $130 million is Benefits Solutions revenue. Approximately 80% of 2022 forecast revenue targets are expected to be recurring over the next 4 years, with additional recurring revenue going out as long as 11 years. Since November 30, 2020, the Company has won over $240 million of net new contracts, including option years. Advertisement 7 Article content COVID-19 has led to increasing demand for the Company’s Benefits Solutions, including “online medical care partnerships”. In Technology Services, we saw an increase in revenues in the first half of the year which was a direct result of the contract wins in the past 18 months. Total Contract Values for the Company continue to grow, and utilization of the contracts is gaining stronger traction as government and businesses streamline and adjust to COVID-19 operating business processes. The majority of the Company’s business is largely multi-year, managed services-driven recurring revenue contracts for managing and operating mission critical technology and people infrastructure for our clients. On a consolidated level, in Q2/2021 the Company applied for and received approximately $0.339 million of COVID-19 government relief to support the Technology Services operations as opposed to no support in Q2/2022. This resulted in lower profitability when comparing the two quarters. However, this has allowed the Company to keep valuable full-time staff employed throughout the pandemic, who are now deployed to support the current and anticipated growth. Advertisement 8 Article content Revenue Increased 3.8% Quarter Over Quarter: During Q2/2022, consolidated revenues from continuing operations was $16.7 million versus $16.1 million in Q2/2021. Technology Services revenue increased by $0.5 million while the Benefits Solutions revenues decreased by $0.1 million. Contract values remain high with over $240 million of new wins in the last 18 months. Approximately 80% of 2022 forecast consolidated revenue streams are under contract for the next 4 years, representing >90% for Benefits Solutions revenues and >70% for Technology Services revenue. The Company’s growth focus is on the higher margin Benefit Solutions revenue, although Technology Services revenues continue to experience significant growth. Advertisement 15 Article content Gross Margin and Gross Profit: The Company generated $5.6 million in Gross Profit in Q2/2022 versus $6.0 million in Q2/2021. Gross Margin was 33.7% in Q2/2022 compared to 36.9% in Q2/2021. The reduction in Gross Margin and Gross Profit in the Q2/2022 was largely due to two notable one-time projects in Q2/2022. Technology Services Gross Profit (Gross Margin) in Q2/2022 was $2.3 million (17.9%) versus $2.4 million (19.8%) in Q2/2021. The Benefits Solutions Gross Profit (Gross Margin) was $3.4 million (74.8%) versus $3.5 million (77.8%) largely due to lower Gross Margins in the online medical module sales. Operational Costs: Salaries and Other Compensation – Salaries increased by $0.3 million during Q2/2022 compared to the same period the prior year. The increase is mainly due to a reduction in COVID relief funding when compared to the same period last year. Office and General Costs – Office and general costs increased by nearly $0.4 million during Q2/2022 versus Q2/2021. The increase is largely due to no COVID-19 subsidy and rent credits in Q2/2022 as opposed Q2/2021. Professional Fees – Professional fees remained relatively flat in Q2/2022 compared to Q2/2021. Professional fees vary with the amount of financing or acquisition/disposition activity during the period. Advertisement 16 Article content Non-Cash Expenses: Interest and Financing Costs, Interest Accretion and Transaction Costs: Interest and financing costs, interest accretion from continuing operations increased from $1.1 million in Q2/2021 to $1.6 million in Q2/2022, which is due to increased credit facility and convertible debt. The transaction costs expense increased by $0.4 million in Q2/2022 compared to Q2/2021. There were no significant transactions costs in fiscal 2021 as compared to the actively involved equity financing that occurred in the current quarter. Decommissioning Costs: Approximately $0.03 million of costs in Q2/2022 were one-time, related to the decommissioning of select operations in Western Canada. Total decommissioning costs are estimated at approximately $0.45 million to be recognized on a quarterly basis over the subsequent 12 months. The Company has reorganized select operations such that these activities will be managed from our Ottawa offices. Advertisement 17 Article content Grant of Options and RSUs: On March 9, 2022, pursuant to the Company’s Omnibus Long-Term Incentive Plan (the “Plan”), the Company granted 1,700,000 options to a consultant. The options have a 36-month term, vest 25% on the third, the sixth, the ninth and the twelfth months, and are exercisable at $0.22 per share. On April 27, 2022, the Company granted 200,000 options to an employee. The options have a 36-month term, vest after 24 months, and are exercisable at $0.16 per share. On April 27, 2022, the Company granted 77,500 options to various employees. The options have a 42-months term, vest 10% every six months for 30 months with the remaining 50% vest after 36 months. They are exercisable at $0.16 per share. On April 27, 2022, the Company has granted an aggregate of 140,625 RSUs to an employee. The RSUs were vested immediately. Each vested RSU entitles the holder to acquire one common share of the Company. The Shares issued upon such RSU settlement shall be issued as fully paid and non-assessable Shares, each RSU is valued at market price of $0.16 per share. On the same date, the Company has also granted an aggregate of 232,500 RSUs to various employees. The RSUs were issued in accordance with the Plan. The RSUs will be vested 10% every six months for 30 months with the remaining 50% vested after 36 months. Each vested RSU entitles the holder to acquire one common share of the Company. The Shares issued upon such RSU settlement shall be issued as fully paid and non-assessable Shares, each RSU is valued at market price of $0.16 per share. Advertisement 18 Article content A minimum of 25% of the directors’ fees for Fiscal 2021 and 2022 must be compensated in RSUs and the directors can choose to be either compensated in cash or RSUs for the remaining 75%. As a result, the Company has also committed to issue 212,714 RSUs at $0.20 per share and 296,807 RSUs at $0.16 per share to the directors for the service provided in Q1 and Q2 2022. The RSUs will vest 100% after 12 months. CONFERENCE CALL DETAILS: Date/Time: Thursday August 4th, at 3:30 PM ET Canada & USA Toll Free Dial In: 1-800-319-4610 Toronto Toll Dial In: 1-416-915-3239 Callers should dial in 5-10 minutes prior to the scheduled start time and simply ask to join the call. Webcast Link access at Advertisement 19 Replay Duration: Available for one week until end of day Thursday August 11th, 2022. About Smart Employee Benefits Inc. (“SEB”): SEB is an Insurtech company focused on Benefits Administration Technology driving two interrelated revenue streams – Benefits Solutions and Technology Services. The Company is a proven provider of leading-edge IT and benefits processing software, solutions and services for the Life and Group benefits marketplace and government. We design, customize, build and manage mission critical, end-to-end technology, people and infrastructure solutions using SEB’s proprietary technologies and expertise and partner technologies. We manage mission critical business processes for over 150 blue chip and government accounts, nationally and globally. Over 90% of our revenue and contracts are multi-year recurring revenue streams contracts related to government, insurance, healthcare, benefits and e-commerce. Our solutions are supported nationally and globally by over 600 multi-certified technical professionals in a multi-lingual infrastructure, from multiple offices across Canada and globally. Advertisement 20 Article content Our solutions include both software and services driven ecosystems including multiple SaaS solutions, cloud solutions & services, managed services offering smart sourcing (near shore/offshore), managed security services, custom software development and support, professional services, deep systems integration expertise and multiple specialty practice areas including AI, CRM, BI, Portals, EDI, e-commerce, digital transformation, analytics, project management to mention a few. The Company has more than 20 strategic partnerships/relationships with leading global and regional technology and consulting organizations. Forward-looking statements: Certain information in this release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Advertisement 21 Article content THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE COMPANY’S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. All figures are in Canadian dollars unless otherwise stated. Media and Investor Contact

  • When was Benefits Administration founded?

    Benefits Administration was founded in 1979.

  • Where is Benefits Administration's headquarters?

    Benefits Administration's headquarters is located at 9411 Philadelphia Road, Baltimore.

  • What is Benefits Administration's latest funding round?

    Benefits Administration's latest funding round is Acquired.

  • How much did Benefits Administration raise?

    Benefits Administration raised a total of $250K.

  • Who are the investors of Benefits Administration?

    Investors of Benefits Administration include Harbour Benefit Holdings and Paycheck Protection Program.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.