Evolution Benefits, which is backed by Genstar Capital, has completed its buy of Lighthouse 1. Financial terms weren’t announced. The combined companies, called Evolution 1, will serve more than 7 million consumers and manage HSAs, HRAs, FSAs, and Transit Plans.
Evolution Benefits and Lighthouse1 announced today that they have completed merging their companies to create Evolution1. Evolution1 offers the nation’s most comprehensive electronic payment, on-premise and cloud computing solutions for the administration of flexible spending accounts (FSAs), health savings accounts (HSAs), health reimbursement accounts (HRAs), VEBAs, wellness and transit plans.
Evolution1 serves more than seven million consumers, 50,000 employers, and 400 administrators, health plans and financial institution Partners. The company employs more than 250 people and will retain offices in Avon, Connecticut; Fargo, North Dakota; Minneapolis, Minnesota; and St. Louis, Missouri. Genstar Capital acquired Evolution Benefits in 2010.
Jeff Young, former Lighthouse1 CEO, is the chairman and CEO of Evolution1. Chris Byrd, former president and chief operating officer of Evolution Benefits, has retained those responsibilities for Evolution1. Robert E. Patricelli, industry visionary and Evolution Benefits’ founder and CEO, retired from active management of Evolution Benefits at closing and has become vice chairman of Evolution1’s board of directors.
Evolution1 and its Partners serve more than seven million consumers, making Evolution1 the nation’s largest web-based healthcare solution that manages HSAs, HRAs, FSAs, and Transit Plans. It is the only solution available today that meets more than 1,200 unique benefit plan designs, simplifies the user experience, and satisfies workflow management needs of administration Partners, employers, and consumers. It does all this on one technology platform comprised of Evolution1, the Evolution1 OneCard, and fully integrated web-based portals available 24/7/365. Evolution1 and its Partners are dedicated to reducing costs and simplifying the business of healthcare. Visit www.evolution1.com for more information.
About Genstar Capital, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than US$3 billion of committed capital under management and targets investments focused on selected sectors within the software, healthcare, financial services, and industrial technology industries.