Lightyear Capital Completes Acquisition of the Healthcare Benefit Solutions Business from FIS
Company Renamed Alegeus Technologies
NEW YORK, NY (August 15, 2012) – Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm focused on financial services investing, today announced that an affiliate of Lightyear Fund III, L.P. completed its acquisition of the Healthcare Benefit Solutions business from FIS™. Lightyear previously announced the signing of a definitive agreement to acquire the business on June 25, 2012.
The new company has been renamed and will operate as Alegeus Technologies (“Alegeus”). Alegeus is the market leader in benefits administration and payment processing for consumer directed healthcare accounts. Robert Natt will be Alegeus’ full time Executive Chairman and Thomas Torre will be its Chief Executive Officer.
“There is tremendous opportunity to grow and expand this business, and we look forward to working closely with Bob Natt, Tom Torre and the rest of the Alegeus team to invest in the talent and technology which will extend its leadership in consumer directed healthcare,” said Donald B. Marron, Chairman of Lightyear.
“Lightyear is the perfect partner for Alegeus,” said Bob Natt. “They have great insights into our business and are committed to helping us grow as an independent company and expand our business in healthcare benefit and payment processing to accommodate market trends.”
“We are extremely excited to complete this transaction and announce our new corporate name,” said Tom Torre. “We look forward to leveraging Alegeus’ market leading and comprehensive product offering to help our clients deliver the best benefit administration and payment programs in the marketplace. With Lightyear as our new partner we are poised for growth and we look forward to doing great things together.”
Alegeus is the leading provider of benefit administration and payment processing technology in the consumer directed healthcare (“CDH”) market, an important and growing component of the U.S. healthcare system that connects patients, payers and providers. Over 500 clients including third party administrators, health insurance plans and financial institutions leverage Alegeus’ deep expertise and proven technology in benefit administration and payment processing to serve over 60,000 employers and 11 million CDH account holders. The Company’s consumer directed healthcare administration platform helps clients improve relationships with employers and their benefit plan members. Alegeus’ payment output solutions provide seamless flow of funds and information among patients, payers and providers. The Company is headquartered in Waltham, MA, with operations in Carrollton, TX and Milwaukee, WI. www.alegeus.com
About Lightyear Capital LLC
Lightyear Capital is a leading private equity firm making primarily control investments in North America based middle-market financial services companies. Based in New York, Lightyear, through its affiliated funds, has managed approximately $3 billion of committed capital with investments across the financial services spectrum, including asset management, banking, brokerage, financial technology, insurance, and specialty finance. Lightyear brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. The senior team of professionals averages over 25 years of financial services-related experience and includes Chris Casciato, David Cynn, Michael Doppelt, Stewart Gross, Thierry Ho, Donald Marron, Richard Sterne, and Mark Vassallo.
Lightyear Capital LLC
Sloane & Company