Employee benefits software maker Benefitfocus is planning a $60 million expansion in Charleston, S.C., with 1,200 new jobs on tap in the next couple of years.
The company, which offers a SaaS portal for workers to manage all their benefits like healthcare, life insurance and voluntary benefits plans via a single location, expects to triple its workforce in Charleston.
The first phase calls for adding a 145,000-square-foot customer training and support office to house 600 workers. That’s expected to be completed in 2015. A second similar sized office building is expected to follow shortly thereafter and accommodate 600 software engineers, designers and other technical staffers, who will be hired during the second phase.
The state has offered a $30 million incentive package if the company meets its hiring and capital investment goals. The company is fairly flush with cash, following its Sept. 18 IPO that raised more than $70 million. Analysts say it could be a big winner in the shift from employer-administered benefits to workers doing it themselves. Its primary clients are large employers and insurers.