Vista Equity Partners has agreed to acquire Alegeus, a healthcare payments processor, from Lightyear Capital, for an undisclosed amount.
Light Year Capital tapped it Fund III, along with other affiliated funds, in 2012 to acquire Alegeus. Following the deal, all these firms have sold their shares to Vista.
Alegeus provides an administration platform for healthcare benefit accounts, including FSAs, HSAs, HRAs, wellness incentive, dependent care, and commuter accounts. The company also offers a benefit debit card and an engagement solution designed to help users optimising savings and spending.
Its services are used by over 300 clients, including health insurance plans and third-party administrators, to provide consumers with account-based benefit programs.
Based in Orlando, Alegeus provides healthcare operators with a payment and remittance service to handle claim payments, participant reimbursements and healthcare-related transactions. Payment methods made available include checks, ACH, and single-use or virtual payment cards.
Following this acquisition, Alegeus hopes to leverage Vista’s strategic and operational expertise, resource portfolio and strategic investment capital in order to boost its scaling.
Lightyear managing partner Mark Vassallo said, “The investment in Alegeus reflects one of Lightyear’s ongoing themes: identifying and pursuing outstanding companies located at the intersection of healthcare and payments.
“During our funds’ ownership, we supported Alegeus’ product innovation and value enhancement initiatives which accelerated growth and strengthened customer relationships.”
Earlier in the week, prescription and healthcare savings platform GoodRx received a strategic investment from Silver Lake. The company provides consumers with the current prices of medication across the US, as well as any coupons, to help users save money on healthcare.
Copyright © 2018 FinTech Global
