Benefitfocus Announces Secondary Offering CHARLEST

CHARLESTON, S.C., May 21, 2018 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT ), a leading cloud-based benefits management platform and services provider, today announced that funds managed by Goldman Sachs & Co. LLC, stockholders of the Company since 2007, intend to offer for sale in an underwritten secondary offering 2,500,000 shares of the Company’s common stock. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to 375,000 additional shares of common stock at the same price. Benefitfocus will not receive any proceeds from the sale of the shares by the selling stockholders in this offering and the offering will not impact the number of shares outstanding. The closing of the offering is expected to occur on May 24, 2018, subject to customary closing conditions.

J.P. Morgan Securities LLC is acting as the sole underwriter of the offering.

A shelf registration statement (including a prospectus) relating to the offering of common stock was filed with the Securities and Exchange Commission on December 30, 2015 and became effective on January 14, 2016. Before you invest, you should read the registration statement, prospectus, prospectus supplement and other documents Benefitfocus has made available with the SEC for information about Benefitfocus and the offering. You may obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov . Alternatively, copies of the prospectus and accompanying prospectus supplement, when available, may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, at (866) 803-9204 (toll free).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Benefitfocus Benefitfocus (NASDAQ: BNFT ) unifies the entire U.S. benefits industry on a single technology platform to protect consumers’ health, wealth and lifestyle. Our powerful cloud-based software, data-driven insights and thoughtfully-designed services, enable employers, insurance brokers and carriers to simplify the complexity of benefits administration and deliver a world-class benefits experience. Learn more at www.benefitfocus.com , LinkedIn and Twitter .

Safe Harbor Statement Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: risks regarding whether we can complete the offering and regarding its impact on the trading price of our common stock; potential volatility; risks associated with our business and the other risk factors set forth from time to time in our registration statement and other SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or upon request from our Investor Relations Department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Benefitfocus, Inc. 843-284-1052 ext. 3546 pr@benefitfocus.com

Investor Relations Michael Bauer 843-284-1052 ext. 6654 michael.bauer@benefitfocus.com