McCarthy Capital, a private equity investment firm, has sold its equity interest in Benaissance, a provider of SaaS technologies and services for healthcare premium billing, payment and workflow management, to Evolution1, a wholly-owned subsidiary of WEX Inc.
Benaissance’s SAAS solutions include ExchangePoint, which addresses the financial management demands of public and private health insurance exchanges for employers and individuals, and COBRApoint, which addresses 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,” says 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,” says 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.”
