Goldman Sachs to reduce stake in Charleston tech company

Daniel Island-based Benefitfocus went public in 2013.

Wall Street investment bank Goldman Sachs is further cutting its stake in one of the Charleston area’s largest technology employers.

Benefitfocus Inc. said Tuesday that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed sale of up to 2.875 million shares.

The stock is owned by funds controlled by Goldman Sachs, which became the largest shareholder in the Daniel Island-based software business when it invested $106 million in the business in 2007.

Benefitfocus will not receive any of the proceeds from the secondary offering, which could raise about $126 million based on the closing price Monday, according to the statement.

Goldman Sachs began reducing its stake when the local tech company went public about two years ago.

The New York investment bank now controls about 8.53 million shares, or almost 30 percent of the total. The proposed sale would reduce that to about 5.6 million shares, or to about 20 percent.

Contact John McDermott at 937-5572.