Mountainside-based FlexWage Solutions LLC, a provider of liquidity solutions for employees, announced Tuesday it has acquired Sum180, a mobile financial wellness service.
Effective April 1, Sum180 will merge into FlexWage Solutions. Under terms of the deal, Sum180 will retain its name for FlexWage’s subscription-based financial wellness service. Sum180 will also continue to provide its Visa-branded FlexWage Payroll Debit Card; Direct Pay, a technology solution for non-recurring payments; and OnDemand Pay, a patent non-loan solution.
“Sum180 is so fortunate to be joining a company with the same passion for helping employees achieve financial wellness. Our combined resources and capabilities provide employers with a truly unique suite of financial empowerment and wellness tools,” Carla Dearing, Sum180 founding CEO, said.
Financial terms were not disclosed.
“Acquiring Sum180 allows us to significantly leverage and enhance our core product offerings, and extend our market reach. FlexWage provides a unique range of data driven solutions that now provide employers with a single partner to address the financial wellness needs for all employees. We’re confident that our shared values and mission will provide tremendous benefits to our current and future clients,” Frank Dombroski, FlexWage Solutions founder and CEO, said.