List all of they acquistions in last 5 years, revenue of acquired company and price paid by voya and ebitda paid
Over the last five years, Voya has executed three major, distinct acquisitions to build scale across its three operating segments.
Because traditional financial services, recordkeeping, and asset management businesses are valued and analyzed based on Assets Under Management/Administration (AUM/AUA) or operating earnings multiples, companies rarely report a standard corporate "EBITDA" for these targets. Instead, Voya evaluates them based on Pre-Tax Adjusted Operating Earnings or implied cash earnings accretion.
Here is the exact data for all three acquisitions spanning the last 5 years:
1. OneAmerica Financial’s Retirement Plan Business (Closed: Jan 1, 2025)
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Segment: Wealth Solutions (Retirement)
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Assets Onboarded: Over $60 billion in assets under administration (AUA).
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Price Paid: $210 million total ($50 million upfront cash payment + up to $160 million deferred consideration contingent on incentives, payable in Q2 2026).
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Acquired Company Revenue: Projected >$200 million in net revenue for its first full year post-closing.
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Earnings/EBITDA Equivalent Paid: Projected to deliver at least $75 million in pre-tax adjusted operating earnings in the first year.
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Implied forward valuation multiple: ~2.8x pre-tax operating earnings based on full target consideration.
2. Benefitfocus, Inc. (Closed: Q1 2023)
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Segment: Employee Benefits (Health Solutions)
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Price Paid:****~$570 million total enterprise value ($10.50 per share in an all-cash deal, inclusive of debt and preferred shares).
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Acquired Company Revenue: Benefitfocus was a publicly traded SaaS company. For its trailing twelve months prior to the acquisition announcement, it generated ~$230 million in annual revenue (reporting $174 million for the first 9 months of 2022).
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EBITDA Paid: Benefitfocus generated an annualized Adjusted EBITDA of ~$23 million to $25 million at the time of sale (reporting $5.7 million in Adjusted EBITDA for Q3 2022).
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Implied trailing EV/EBITDA multiple: ~23x to 24x Adjusted EBITDA (which is exactly why activist investors like TOMS Capital blasted this deal as an expensive, dilutive acquisition).
3. Allianz Global Investors - U.S. Business (Closed: July 2022)
- Segment: Investment Management
- Assets Onboarded: ~$120 billion in assets under management (AUM).
- Price Paid: $0 in cash / external debt. Instead, this was structured as an all-equity asset transfer. Voya transferred a 24% economic stake in Voya Investment Management to Allianz Group, keeping a 76% majority stake.
- Acquired Company Revenue: Not independently disclosed on a standalone GAAP top-line basis, but the scale immediately expanded Voya IM's total asset base by roughly 50% to $370 billion.
- Earnings/EBITDA Equivalent Paid: The asset block was immediately 6% to 8% cash accretive to Voya’s total adjusted operating EPS, and it structurally lifted Voya Investment Management's operating margins from the mid-20s up to a steady 28%–32% baseline.