McCarthy Capital said Thursday it sold its stake in Benaissance to Wex Inc. Financial terms weren’t announced. Omaha-based Benaissance provides software-as-a-service (SaaS) technologies and services for healthcare premium billing, payment and workflow management. Wex, in a separate statement, said it completed the acquisition of Benaissance.
OMAHA, Neb.–(BUSINESS WIRE)–McCarthy Capital, a private equity investment firm, announced the sale of its equity interest in Benaissance, a leading provider of integrated software-as-a-service (SaaS) technologies and services for healthcare premium billing, payment and workflow management, to Evolution1, a wholly-owned subsidiary of WEX Inc. (NYSE:WEX).
Since its founding in 2006, Benaissance has revolutionized premium billing and payment acceptance practices through two industry-leading SaaS solutions. These solutions include ExchangePoint®, which addresses the complex financial management demands of public and private health insurance exchanges for employers and individuals, and COBRApoint®, which addresses complex financial management, benefits administration and payment processing for individual subscribers.
Benaissance’s platform offers consolidated individual and group premium billing and payment technology and services to employers and consumers via public and private exchanges, carriers and third party administrators. Upon completion of the transaction, Benaissance will be integrated with WEX’s existing Evolution1 platform. Benaissance and Evolution1 have built a successful relationship over the past few years and already share a number of mutual partners and customers.
“The sale represents the culmination of a long-term and successful partnership between McCarthy Capital and Benaissance,” said Patrick Duffy, President and Managing Partner at McCarthy Capital. “This investment has highlighted McCarthy Capital’s commitment to growing businesses in partnership with management teams retaining a significant ownership position, and we’re excited to watch Benaissance in its next stage of growth with WEX and Evolution1.”
“This transaction closes a very successful partnership with McCarthy Capital and opens a new and exciting chapter in Benaissance’s growth story,” said John Jenkins, founder and CEO of Benaissance. “Benaissance could not have established its position as an industry leader in financial management solutions for America’s health benefits without the amazing support of McCarthy Capital. Together, we have built a truly valuable enterprise that will continue to serve the healthcare industry.”
About McCarthy Capital
McCarthy Capital is an Omaha-based private equity firm focused exclusively on investing in lower middle-market companies. For nearly 30 years, the McCarthy organization has been partnering with founders, families and exceptional management teams to support the growth of their companies. For more information about McCarthy Capital, please visitwww.mccarthycapital.com.
Benaissance is the trusted financial management partner for health benefits administration, and pioneered the industry’s leading ExchangePoint® and COBRApoint® Software as Service (SaaS) solutions for individual single-point and consolidated group premium billing. Together, these two solutions deliver highly efficient, scalable billing and payment solutions with easy-to-understand billing and convenient payment options—for tens of thousands of US employers and millions of American families through private exchanges, state based marketplaces, and over 100 health plan and TPA customers. For more information about Benaissance, please visit www.benaissance.com.