Orrick Advises Underwriters on Benefitfocus Secondary Offering


Orrick represented Goldman, Sachs & Co., Deutsche Bank Securities Inc. and Jefferies LLC as joint book-running managers and representatives of the several underwriters for a secondary public offering by selling stockholders of 2,283,095 shares of Benefitfocus, Inc. (“Benefitfocus”) common stock, including shares purchased by the underwriters pursuant to an option to purchase additional shares. The gross proceeds raised in the offering by the selling stockholders were approximately $83.9 million. Canaccord Genuity, Piper Jaffray and Raymond James acted as co-managers for the offering. The selling stockholders were funds affiliated with Goldman Sachs that have been stockholders of the company since 2007.

Benefitfocus (NASDAQ: BNFT) is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers, serving more than 25 million consumers on its platform.

The Orrick team advising on this transaction was led by Capital Markets partner Christopher Austin and included Capital Markets of counsel Stephen Ashley and associates David Ruff, Spencer Cohen and Samir Bakhru.

View the company’s press release below.