HealthSmart Announces Agreement to Acquire Commerce Benefits Group Agency, Inc.

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Transaction Part of HealthSmart’s Strategic Expansion Strategy

HealthSmart Holdings, Inc. announced today that it has entered into a definitive agreement to acquire Commerce Benefits Group Agency, Inc. The transaction is expected to close June 1, 2014. Terms of the transaction were not disclosed.

After it closes, HealthSmart will have annual revenues of more than $200 million and more than 1,600 employees. This acquisition will further enhance HealthSmart’s strong presence in Ohio.

Commerce Benefits Group (CBG) is headquartered in Avon Lake, Ohio. CBG’s commitment to technology and quality claims administration has earned the business of corporate clients throughout the country. In the past decade, the company has upgraded its product line by streamlining and automating services such as utilization review, bill audit and client self-service portals.

“Both CBG and HealthSmart are focused on providing a high level of customer service and the efficient delivery of high-quality solutions,” notes Tom Patton, President of Commerce Benefits Group. “Our combined expertise will provide a wider and more cost-effective range of services and products, creating outstanding value for all of our clients.”

“As the largest independent provider of managed care solutions for self-funded employers across the country, HealthSmart is recognized for the quality and cost-effectiveness of its services,” said Daniel D. Crowley, President and Chairman of HealthSmart. “Our entrepreneurial spirit allows us to deliver high quality solutions that meet the specific needs of each our clients. That spirit continues with the acquisition of CBG, a respected organization that shares our commitment to customer service. We welcome their clients and employees to the growing HealthSmart family.”

About HealthSmart
For more than 40 years, HealthSmart has offered a wide array of customizable and scalable health plan solutions for self-funded employers. HealthSmart’s comprehensive service suite addresses individual health from all angles. This includes claims and benefits administration, provider networks, pharmacy benefit management services, business intelligence, onsite employer clinics, care management, a variety of health and wellness initiatives and web-based reporting. The Company's headquarters is in Irving, Texas, with regional hubs throughout the country. HealthSmart’s mission is to improve member health and reduce healthcare costs.

About Commerce Benefits Group
Founded in 1976, Commerce Benefits Group is a full service administrator servicing the needs of employer groups, both large and small. Commerce Benefits Group strives to integrate and streamline the delivery of healthcare through superior products and exceptional customer service.

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Jaki Abbruzzese
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