Connecture Commercial Software Solutions is acquired by BENEFITFOCUS
Franklin, Tenn. (March 11, 2019) — Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Connecture, Inc. (“Connecture” or the “Company”) in the sale of certain assets of its commercial software solutions business (“CSS”) to Benefitfocus, Inc. (“Benefitfocus”). Connecture is a portfolio company of Francisco Partners, a leading private equity firm focused exclusively on investments in technology and technology-enabled services businesses.
Headquartered in Brookfield, Wisconsin, Connecture provides innovative shopping, enrollment and engagement software solutions that empower consumers to identify and enroll in the right health plan. The commercial software solutions business offers enrollment solutions that automate key portions of the insurance distribution process for small group and individual plans and serves several of the largest carriers in the U.S. based on total enrollment.
“BCA, our exclusive investment banking advisor, played a critical role in positioning the unique value proposition of CSS and structured a highly competitive process that yielded the best result for our shareholders and employees. The sale of CSS was a critical step in our strategy of increasing the focus and investments in our industry leading medicare and drug price transparency solutions. We enjoyed working with BCA on this complex carve-out transaction and are pleased with the outcome,” stated Kraig McEwen, CEO of Connecture.
“We were thrilled to represent Connecture in the sale of its commercial software solutions business,” stated John Kibler, Managing Director at BCA. “Connecture is a leading provider of insurance distribution software to healthcare organizations. We look forward to working with them in the future.”
About Brentwood Capital Advisors
Based in Franklin, Tennessee, Brentwood Capital Advisors is one of the South’s leading boutique investment banks, providing mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies. BCA has served as exclusive financial advisor in 99 successfully closed transactions totaling approximately $6.4 billion in value in these sectors. Founded in 1999, the firm is partner-owned and has 19 investment banking professionals. For more information, please visit www.brentwoodcapital.com.
About Connecture, Inc.
Provider of a web-based sales, service and process automation platform designed to streamline health insurance distribution. The company’s process automation platform offers a personalized health insurance shopping experience that recommends the best fit insurance plan based on an individual’s preferences, health status, preferred providers, medications and expected out-of-pocket costs. The Company’s solutions enable insurance marketplace operators to distribute health insurance in a cost-effective manner.