Bank of Montreal buys shares of benefits management platform Benefitfocus

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Bank of Montreal has increased its stake in shares of Canada-based cloud-based benefits management platform Benefitfocus.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FinTrust Capital Advisors bought a new stake in Benefitfocus during the second quarter worth about SG Americas Securities bought a new stake in Benefitfocus during the first quarter of 2019.

Benefitfocus provides cloud-based benefits management platform for consumers, employers, insurance carriers, suppliers, and brokers in the United States. The company operates through Employer and Carrier segments. Its products for insurance carriers include BenefitsPlace, a transaction-oriented, marketplace solution; e-enrollment that provides online enrollment for benefits; e-billing, an electronic invoice presentment and payment solution; e-exchange, a solution that bridges the integration gap between carrier and employer systems; e-sales for carriers and brokers tools to organize and manage accounts, track leads, generate quotes, and create proposals for various products; and core and advanced analytics, a data analytics solution.