Motivano to Exit Flex Business
AVON, CT (March 5, 2008) Evolution Benefits has agreed to acquire the assets of Motivano’s SmartFlex benefits debit card business. Motivano said it made the decision to exit the flex business in order to focus on their other products.

“After meeting with all our key competitors, we determined Evolution Benefits’ platform was the most technologically advanced, and their team and documented customer service record made them the obvious choice for our customer base. At Motivano we are extremely pleased with this transaction, as it provides our clients with the market-leading solution, and enables Motivano to focus on our other products, ” said Seif Saghri CEO of Motivano/SmartFlex.

“Evolution Benefits looks forward to delivering industry leading debit card program capabilities to SmartFlex customers, including high auto-substantiation rates, responsive customer service, multi-account stacking, and comprehensive communications support,” said EB chairman and CEO Robert Patricelli.

The release said Motivano and Evolution Benefits have developed a comprehensive plan for transitioning current SmartFlex customers to EB over the next several months. Patricelli noted, “Acquiring the SmartFlex business will allow Evolution Benefits to reach well over the one million mark in cardholder accounts. We also expect the substantial organic growth we’ve experienced over the last five years to continue as consumer-directed health care takes hold and people increasingly resort to tax-favored prepaid accounts to pay for their growing out-of-pocket health care costs.”
Evolution Benefits, headquartered in Avon, CT, experienced 43 percent card account growth in 2007.

Source: Evolution Benefits