Cypress Acquires Western Benefits, Inc.
Portland, Oregon-Based Firm Becomes Part of Cypress Benefit Administrators
Cypress Benefit Administrators is pleased to announce that it has acquired Western Benefits, Inc., of Portland, Oregon, in a transaction that principals of both organizations note will bring more product and technology options to clients of Western Benefits.
Read the full press release.
Founded in 1999, Western Benefits currently provides TPA services
for dozens of employers representing about 20,000 employees and family members
who are primarily located in Oregon, Washington and Alaska.
Ross Dwinell, president of Western Benefits, indicated that Cypress was a good fit for the sale of his company, sharing that "Cypress brings a more comprehensive set of services than our clients have had access to in the past,
including wellness plans, medical advocacy programs and a unique set of Medical Risk Management programs that have already saved millions of dollars for Cypress clients over the past several years." Little is expected to change
internally at the former Western Benefits as a result of the merger, according to Tom Doney, president and co-founder of Cypress along with Marsha Phillips, the company's chief operating officer. Clients of Western Benefits should also see very little change. The newly merged organizations plan to focus on a seamless integration of the companies throughout February
and introduce additional services to clients and agents throughout the remainder of 2011.
"The acquisition of Western Benefits represents an important step for Cypress Benefit Administrators as we continue to expand our focus throughout the country,
particularly in the Pacific Northwest, which has several major metropolitan markets and is in need of a strong third party administrator," Doney said. With the addition of Western Benefits, Cypress now extends its service reach to clients in 49 states and two Canadian provinces.