Orrick Advises Underwriter in Secondary Offering of Benefitfocus Common Stock

May.24.2018

Orrick represented J. P. Morgan Securities LLC as underwriter in the public offering by the selling stockholders of 2,500,000 shares of Benefitfocus, Inc. (“Benefitfocus”) common stock. The underwriter purchased the shares in a bought deal, with aggregate gross proceeds to the selling stockholder in the offering of approximately $82.6 million. 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 management platform for consumers, employers, insurance carriers and brokers, serving more than 25 million consumers on its platform.

Orrick previously advised the underwriters in two secondary offerings by the selling stockholders of Benefitfocus common stock with aggregate gross proceeds of approximately $193.9 million.

The Orrick team was led by capital markets partner Christopher Austin and included associates Kenneth Marx, Jevon Potts and Maria Stracqualursi.