Benefitfocus.com Designated “Fastest Growing Tech Company in South Carolina”

The South Carolina Technology Alliance has officially recognized Benefitfocus.com as the fastest growing technology company in the state. Research of the alliance’s databases and technology records, as well as other state economic development databases available to SCTA, supports its top ranking of Benefitfocus.

“Benefitfocus’ record growth is very exciting for our state, other growing technology companies and the push we have all been making in the knowledge base economy for our state,” says Tom Persons, President and CEO of the South Carolina Technology Alliance.

The South Carolina Technology Alliance is a non-profit, technology-orientated think tank that develops and advances economic development policies. It creates collaboration between a diverse cross-section of business, academic and legislative leaders and South Carolina’s economic and community development sectors. It has been recognized by the governor’s office, the Small Business Association and the United States Department of Commerce for its vision and efforts on behalf of the state’s innovation economy.

“We saw 236% growth in 2004 and are incredibly proud to be recognized as the fastest growing technology company in our state,” says Shawn Jenkins, President and CEO of Benefitfocus.com, Inc. “The next 24 months promise to be very exciting and rewarding time for Benefitfocus, as our industry is about to see a fundamental shift of the $2 trillion of healthcare spent annually in the country into the hands of the consumer.”

The Mount Pleasant-based company makes Internet-based software that replaces the traditional paper forms employers use to administer their worker-benefit plans, such as health coverage. Its clients include over 14 Blue Cross Blue Shield plans, covering over 89,000 employer groups and 12.5 million members in all 50 states and countries as far away as Japan, Mexico, Chile and Poland.

South Carolina’s technology businesses employ over 42,500 tech jobs in the fields of computer systems design, telecommunications services, engineering services, and many other related technology services. Nationally, technology wages average 84% more than other employment sectors. One important point that the South Carolina Technology Alliance has been making for the last eight years is that the state’s technology industry pays over 65% more in wages than other private sector employment.

Formed five years ago with just 18 employees, Benefitfocus will be moving its headquarters to a new $16 million, 143,000-square-foot headquarters on Daniel Island in 2006. The company also recently expanded its presence in the Upstate with a new facility in Greenville. Additionally, it plans to double its payroll to over 400 associates by 2008. Several regional colleges and universities will be asked to partner with the company to provide more high tech jobs to South Carolina graduates.

Sixty-seven percent of Benefitfocus associates have bachelors’ degrees in science and engineering, which is a major growth target of the South Carolina Technology Alliance in its measurement of the state’s technology business environment. With over 74% of its associates employed as high tech engineers or analysts, Benefitfocus both attracts and retains a world-class workforce.

About Benefitfocus

Benefitfocus.com, Inc. (Benefitfocus) is a leading provider of benefits administration software and services, offering employees and employers access to all benefits and human resource information securely over the Internet. Linking this data to payroll vendors and benefit providers, Benefitfocus applications seamlessly exchange data, therefore reducing errors and costs associated with traditional paper-based forms. Benefitfocus applications are designed to make companies more efficient, cost-effective, and more focused on delivering actual benefits instead of spending time on undue paperwork. The company is headquartered in Mount Pleasant, SC (Charleston), and has an established client base of over 8,000 corporate employers in all fifty states.

About the South Carolina Technology Alliance

The South Carolina Technology Alliance is a non-profit, technology-orientated Think Tank next economy innovation catalysis that develops and advances visionary economic development policies. It creates collaboration between a diverse cross-section of business, academic and legislative leaders and South Carolina’s economic and community development sectors. It identifies and helps develops technology workforce skills, working to create investment capital for our entrepreneurial knowledge-based technology companies. For more information, please visit www.sctech.org

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100 Benefitfocus Way, Charleston, SC 29492