Secova

What Secova does

Secova is a U.S.-based, privately held benefits administration company headquartered at 600 International Drive, Mount Olive, New Jersey, operating under the legal entity SECOVA.com, Inc. The company provides end-to-end employee benefits administration (BAS) to large U.S. enterprises across manufacturing, financial services, government, education, and hospitality, supported by 450+ carrier integrations and ISO/IEC 27001, SOC 1, SOC 2 Type II, and HIPAA certifications. Its portfolio includes a proprietary Benefits Administration System with online enrollment, eligibility management, premium billing and reconciliation, COBRA administration, ACA compliance, retiree administration, and vendor management; a Dependency Eligibility Verification Audit (DEVA) add-on priced on a performance basis with zero upfront fees; the BenAssure sub-brand for FSA/HSA/HRA administration; and AI-powered employee self-help intake and chat support. Secova reportedly serves 18.1M+ members across 500+ clients and claims $400M in annual efficiency gains and 7,700+ hours saved annually for HR and employees.

The company generates revenue primarily through subscription-based, multi-year contracts for full-spectrum BAS services, with pricing customized per client. DEVA operates as a performance-based, revenue-share model and is offered free as an acquisition wedge when clients onboard full BAS services, meaning incremental BAS revenue is the economic engine. The go-to-market is direct enterprise field sales with dedicated account management, supported by inbound demo requests through the corporate website and content marketing via LinkedIn. Headcount is reported at 501-1,000, weighted toward client services, operations, and call center functions. The leadership team combines long-tenured benefits administration operators (e.g., Customer Experience Officer and Head of Operations with 40+ years of experience) with newer hires from large technology and telecom firms (Business Head Prashant Agarwal, ex-Amazon and Vodafone India), signaling a transition from a services-led operator to a more technology-enabled platform under the same private ownership structure.

Name

Secova

Legal name

SECOVA.com, Inc.

Website

https://secova.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Secova is a U.S.-based, privately held benefits administration company that delivers end-to-end employee benefits administration, dependent eligibility verification, and FSA/HSA/HRA services to 500+ large enterprise clients across multiple industries via a proprietary platform with 450+ carrier integrations.

Ownership category

akta.pro rank

Product category

Employee Benefits Administration

NAICS

Professional Employer Organizations (561330)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Benefits Administration (BPACAPAC)

akta.pro secondary industries

Eligibility, Enrollment & Benefits Administration (HLAEALAH), COBRA & Retiree Continuation Administration (HLAEAAAJ), Compliance, Reporting & Regulatory Administration (ERISA/ACA/No Surprises) (HLAEALAJ), Eligibility & Benefits Verification (HLACACAD), Benefits Deductions & Payroll Integration Administration (BPAAAHAF)

Keywords

• Employee benefits administration
• Dependent eligibility verification
• Benefits administration services
• FSA HSA administration
• COBRA administration services

Headquarters

HQ city

Newport Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Benefits Administration Services (BAS): Ongoing benefits administration services providing customized administrative services and resources for businesses. Revenue is generated through service fees for managing employee benefits enrollment, eligibility management, premium billing, vendor management, and related HR functions. The company provides dedicated account management as part of the service.
2. Dependent Eligibility Verification Audit (DEVA): One-time audit combined with ongoing verification service. Operates on a revenue-based model where clients pay only a portion of the verified savings after completion. Zero upfront fees. The service is offered as a one-time free offering when clients onboard the full spectrum of BAS service.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Secova provides end-to-end employee benefits administration services through its proprietary Benefits Administration System (BAS), covering enrollment, eligibility management, premium billing and reconciliation, vendor management, COBRA, ACA compliance, and retiree administration. It also offers a Dependent Eligibility Verification Audit (DEVA) service combining a one-time audit with ongoing verification, and an AI-powered employee self-help intake tool, all integrated with 450+ carrier and payroll systems for large US enterprises.

Product overview

Secova offers a unified Benefits Administration System (BAS) platform that provides end-to-end employee benefits administration, integrated with a free Dependent Eligibility Verification Audit (DEVA) add-on service. The portfolio includes BAS as the core platform with embedded modules (Online Enrollment Services, Eligibility Management, Premium Billing & Reconciliation, ACA Management, Retiree Administration, Vendor Management, Direct Billing Services, and COBRA), the BenAssure sub-brand for FSA/HSA/HRA administration, and AI-Powered Employee Self-Help Intake as an integrated AI feature enabling instant employee self-service.

Differentiator

Problem solved

Functional benefit

Brands

• BenAssure: FSA/HSA/HRA administration platform that allows participants to easily select their election amounts while maintaining compliance with plan sponsor's business rules and IRS regulations.

Products and services

• Benefits Administration System (BAS) End-to-end employee benefits administration platform providing customized administrative services, online enrollment, eligibility management, premium billing and reconciliation, ACA compliance, retiree administration, vendor management, COBRA, and direct billing services with AI-powered self-service tools for large US enterprises.
• Dependent Eligibility Verification Audit (DEVA) A one-time audit combined with ongoing verification service that ensures only eligible dependents remain on benefits plans, reducing costs and ensuring compliance with ERISA and DOL guidelines. Offered free when onboarding full BAS services, operating on a revenue-based model with zero upfront fees.
• BenAssure FSA/HSA/HRA administration platform that enables participants to easily select their election amounts while maintaining compliance with plan sponsor business rules and IRS regulations.

Quantifiable outcome

• 18.1M+ members taken care of every day across 500+ clients
• +3 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature6 records

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• bswift (HealthEquity): bswift is a cloud-based benefits administration platform serving large US employers with enrollment, COBRA, ACA, and carrier integration capabilities — directly competing with Secova's BAS platform across overlapping enterprise buyer personas.
• Benefitfocus (Voya Financial): Benefitfocus offers a benefits administration marketplace platform for large employers and carriers, directly overlapping with Secova's enrollment, eligibility, and carrier integration offerings in the US enterprise segment.
• WEX Health: WEX Health provides benefits administration, COBRA, and consumer-directed healthcare (FSA/HSA/HRA) platforms — closely matching Secova's BenAssure sub-brand and broader BAS offering for large US employers.
• PlanSource Benefits Center: PlanSource is a cloud-based benefits administration and decision-support platform serving mid-market and enterprise employers with enrollment, billing, and carrier integrations — a direct competitor in Secova's core US enterprise segment.
• Empyrean Benefit Solutions: Empyrean is a benefits administration technology and services provider targeting mid-market and large US employers with enrollment, eligibility, and carrier integration offerings that closely mirror Secova's BAS platform.

Broad incumbents

• ADP TotalSource / ADP Benefits Administration: ADP is the dominant US payroll and HR services incumbent offering benefits administration, COBRA, and compliance solutions across employer sizes — representing both competitive pressure and partnership context for Secova's enterprise buyer set.
• Workday Benefits & HCM: Workday delivers a unified HCM platform with integrated benefits administration for large enterprises, competing with Secova as enterprises increasingly consolidate HR tech into a single vendor.
• Paychex HR & Benefits Solutions: Paychex provides payroll, HR, and benefits administration services to SMB and mid-market US employers, overlapping with Secova's horizontal enterprise segment and bundling benefits into broader workforce solutions.
• Oracle HCM / PeopleSoft Benefits: Oracle's HCM Cloud and PeopleSoft platforms provide enterprise-scale benefits administration, competing with Secova in the large US employer segment as part of a broader workforce management suite.

Regional players

• Benefex: Benefex is a UK-based employee benefits and total reward platform offering flexible benefits and benefits administration, comparable to Secova in service breadth but serving primarily UK and European enterprises rather than the US market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/secovainc
• LinkedInlinkedin.com/company/secova

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Secova