Progyny acquires BenefitBump, enhancing support for parental leave and family-building services for new parents.
Quiver AI Summary
Progyny, Inc. has announced its acquisition of BenefitBump, a program that navigates parental leave benefits for new and growing families. This move enhances Progyny's suite of offerings in fertility and family building, addressing the growing demand for support among parents managing work and home responsibilities. With 90% of parents seeking better assistance, Progyny aims to reduce stress, improve recruitment and retention, and support child and family health through comprehensive services that span from fertility to postpartum care. The integration of BenefitBump is expected to provide seamless, high-touch support for families, enhancing their overall experience and well-being. BenefitBump's founder emphasized the importance of easing the complexities of parental leave, and expressed excitement about joining Progyny to better support families.
Potential Positives
- Progyny's acquisition of BenefitBump enhances its offerings in parental leave and family support, addressing the needs of families during critical life stages.
- The integration of BenefitBump's services is expected to reduce stress for members and improve recruitment, return-to-work, and retention rates for employers.
- This strategic move positions Progyny as a more comprehensive provider in the family building space, fostering member well-being and improving overall outcomes for families.
Potential Negatives
- The acquisition of BenefitBump suggests that Progyny may have identified a gap in their existing service offerings related to parental leave, indicating previous limitations in their ability to support families throughout the entire parenting journey.
- The mention of 90% of parents seeking greater support highlights a significant demand for enhanced benefits, which may reflect current inadequacies in Progyny's existing offerings.
- Despite the acquisition being framed positively, it raises concerns about the company's reliance on external partnerships to fulfill comprehensive family support services, potentially impacting their brand perception as a standalone leader in the market.
FAQ
What is Progyny's recent acquisition?
Progyny recently acquired BenefitBump, a parental leave benefits navigation program aimed at supporting new and growing families.
How does BenefitBump enhance Progyny's offerings?
BenefitBump extends Progyny's ability to support families through comprehensive parental leave navigation and wellness programs from pregnancy to early childhood.
What support does Progyny offer to new parents?
Progyny provides clinical social worker-led programs, parental leave navigation, peer support groups, and resources for child behavior and neurodiversity issues.
Why is parental leave navigation important?
Parental leave navigation helps reduce stress for families, ensuring employees understand their benefits and can effectively manage their responsibilities at work and home.
What goals does Progyny aim to achieve with this acquisition?
Progyny aims to improve recruitment, retention, and overall family health outcomes while providing compassionate support throughout the parenting journey.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PGNY Congressional Stock Trading
Members of Congress have traded $PGNY stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $PGNY stock by members of Congress over the last 6 months:
- REPRESENTATIVE JOSH GOTTHEIMER sold up to $15,000 on 12/06.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$PGNY Insider Trading Activity
$PGNY insiders have traded $PGNY stock on the open market 3 times in the past 6 months. Of those trades, 2 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $PGNY stock by insiders over the last 6 months:
- PETER ANEVSKI (CHIEF EXECUTIVE OFFICER) purchased 209,500 shares for an estimated $3,034,083
- DAVID J SCHLANGER (Executive Chairman) purchased 150,000 shares for an estimated $2,202,330
- NORMAN PAYSON sold 200 shares for an estimated $11,258
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PGNY Hedge Fund Activity
We have seen 149 institutional investors add shares of $PGNY stock to their portfolio, and 198 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- JPMORGAN CHASE & CO removed 2,660,553 shares (-87.8%) from their portfolio in Q3 2024, for an estimated $44,590,868
- INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC removed 2,412,154 shares (-94.0%) from their portfolio in Q4 2024, for an estimated $41,609,656
- BLACKROCK, INC. added 2,213,542 shares (+18.7%) to their portfolio in Q3 2024, for an estimated $37,098,963
- CLEARBRIDGE INVESTMENTS, LLC removed 2,156,335 shares (-63.0%) from their portfolio in Q3 2024, for an estimated $36,140,174
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. added 1,956,000 shares (+132.7%) to their portfolio in Q3 2024, for an estimated $32,782,560
- INVENOMIC CAPITAL MANAGEMENT LP added 1,760,706 shares (+inf%) to their portfolio in Q3 2024, for an estimated $29,509,432
- RIVERBRIDGE PARTNERS LLC removed 1,704,364 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $29,400,279
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a transformative fertility, family building, and women’s health benefits solution, today announced the acquisition of BenefitBump, a comprehensive parental leave benefits navigation program for new and growing families. This addition enhances Progyny’s fertility and family building offering, extending the company's ability to further serve the needs of families on their journey from pregnancy to early childhood and beyond.
With 90% of parents seeking greater support to manage responsibilities at work and home, Progyny’s enhanced suite of solutions aims to reduce member stress, improve recruitment, return-to-work and retention rates, and foster proactive child and family health. By addressing gaps across the spectrum, from fertility to postpartum support and parental leave navigation, the company helps eliminate fragmentation and enhances multi-dimensional outcomes for families.
"The acquisition of BenefitBump extends our ability to provide compassionate and dedicated support to give members more confidence along their parenting journey," said Pete Anevski, Chief Executive Officer, Progyny. "BenefitBump’s high-touch, guided support integrates seamlessly into our existing patient care model and aligns with our commitment to improving member well-being through a higher standard of care."
Alongside the offerings Progyny is known for across preconception, fertility, pregnancy, postpartum, and menopause, the enhanced suite of services will include:
- Clinical social worker-led parental wellness program
- Comprehensive parental leave and benefits navigation
- Care and resource navigation for child behavior concerns and neurodiverse care
- Clinician-facilitated peer support groups
“Navigating employee benefits and leave programs is complex and adds unnecessary stress for families. Every new parent will experience leave, yet it has been an underserved area. BenefitBump was built by listening to the challenges and needs of parents, with the goal of easing their anxiety and ensuring employers and employees get the most value from family support investments,” said Scott Liebman, Founder, BenefitBump. “We’re thrilled to join Progyny, an innovator and leader in the family building space, and together provide the holistic support that families deserve.”
For more information about Progyny visit www.progyny.com.
About Progyny
Progyny (Nasdaq: PGNY) is a transformative fertility, family building and women’s health benefits solution, trusted by the nation’s leading employers, health plans and benefit purchasers. We envision a world where everyone can realize their dreams of family and ideal health. Our outcomes prove that comprehensive, inclusive, and intentionally designed solutions simultaneously benefit employers, patients and physicians.
Our benefits solution empowers patients with concierge support, coaching, education, and digital tools; provides access to a premier network of fertility and women's health specialists who use the latest science and technologies; drives optimal clinical outcomes; and reduces healthcare costs.
Headquartered in New York City, Progyny has been recognized for its leadership and growth as a TIME100 Most Influential Company, CNBC Disruptor 50, Modern Healthcare's Best Places to Work in Healthcare, Forbes' Best Employers, Financial Times Fastest Growing Companies, Inc. 5000, Inc. Power Partners, and Crain's Fast 50 for NYC. For more information, visit www.progyny.com .
For Further Information, Please Contact:
Investors:
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