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Baron Funds Comments on Benefitfocus Inc.

November 21, 2013 | About:

The Fund initiated a position in Benefitfocus, Inc. (NASDAQ:BNFT) a leading provider of cloud- based benefits software which came public during the quarter. The company offers an integrated suite of solutions to help customers shop, enroll, manage, and exchange benefits information. Benefits are presented in a user-friendly manner that allows insured individuals and their dependents to access all their benefits in one place. The company is experiencing accelerating demand due to the Affordable Care Act and a shift towards defined contribution benefits, which requires the enhanced insight and consumer experience only offered by modern software applications. We believe that Benefitfocus serves a vast addressable market. On the employer side, the company has just 348 out of approximately 18,000 domestic employers, implying just 2% penetration. On the carrier side, Benefitfocus currently has just 35 customers out of 313 domestic health insurers. In aggregate, we believe the addressable market is in excess of $10 billion annually. (Neal Rosenberg)

From Ron Baron’s Baron Funds third quarter 2013 report.

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