Daybright Financial has acquired ACAPrime, expanding its Affordable Care Act compliance and reporting capabilities as the employee benefits and retirement services company continues building a broader national platform for employers, brokers, advisors, and benefits partners.
Founded in 2014 and headquartered in Indianapolis, ACAPrime specializes in managed ACA reporting and compliance services for employers, benefits brokers, platform partners, and advisors throughout the U.S.
The company’s model is designed to take much of the administrative burden of ACA compliance away from clients.
ACAPrime handles services including ACA reporting, employee eligibility tracking, regulatory filings, filing corrections, IRS penalty responses, and other employer compliance requirements.
The firm describes its approach as a “give us the data, we do the rest” managed-service model.
Daybright sees the acquisition as a way to strengthen an increasingly specialized area of employee benefits administration.
ACA requirements can differ depending on an employer’s size, workforce composition, health plan design, and location. Compliance can require employers to continuously manage eligibility, affordability calculations, coverage offers, federal reporting, and potential inquiries from the IRS.
ACAPrime combines proprietary technology with experienced benefits and compliance professionals, including in-house ERISA counsel and ACA tax and compliance counsel.
The company serves clients nationally through a distributed U.S. workforce.
ACAPrime will become part of Daybright Broker Solutions, the division primarily focused on benefits brokers, consultants, and professional employer organizations.
Its management team, employees, and existing client coverage will remain in place following the transaction.
Daybright plans to combine ACAPrime’s capabilities with its existing NavigateHCR business, creating what the company sees as the foundation for a broader national service hub focused on ACA compliance and related services.
The combination could give brokers and employer clients access to a wider range of specialized compliance resources through a single organization.
It also continues Daybright’s acquisition-driven expansion.
Since 2008, Daybright has acquired 66 local and national firms, building one of the larger independent privately held businesses focused on employee benefits, workplace retirement plans, and associated compliance services.
Today, Daybright serves more than 22,000 employer groups and approximately 3.6 million plan participants nationwide.
The ACAPrime transaction reinforces the company’s strategy of adding specialized businesses that can strengthen individual portions of its broader benefits and financial wellness platform.
KEY QUOTES:
“ACAPrime is a strong addition to Daybright Financial because it brings deep ACA expertise, a highly regarded managed-service model and trusted relationships across the employer, broker and partner communities.”
“Combined with our existing NavigateHCR capabilities, ACAPrime gives us the foundation for a broader national service hub for ACA compliance and related services. This combination strengthens our ability to simplify complex health and welfare compliance needs for employers, brokers, platform partners and advisors. We are thrilled to have Brett and his team as part of the Daybright family.”
Meg Schneider, CEO of Daybright Financial
“Joining Daybright is an exciting step forward for ACAPrime. Daybright Broker Solutions understands the broker channel, and together we will extend the reach of the high standards, specialized expertise and simplified client and partner experience that have defined ACAPrime.”
Brett Bussell, Founder and Managing Partner of ACAPrime
