CHICAGO AND BOSTON — Wednesday, April 2nd, 2014 -- bswift, a leader in cloud-based technology and services for employee benefits, announced today that it has received a minority equity investment of $51 million from Great Hill Partners, a Boston-based private equity firm focused on partnering with rapidly growing technology and technology-enabled services companies. bswift's existing leadership team will use proceeds from the financing to further strengthen its service and technology offerings and solidify bswift’s position as a market leader. Great Hill Partners’ investment was funded with equity financing from Great Hill Equity Partners IV, LP, its $1.1 billion committed pool of capital that provides significant availability for follow-on investments.
The bswift platform delivers configurable technology for operating public and private health care exchanges and for handling traditional benefits administration. The highly intuitive self-service portal features state-of-the-art decision support tools, seamless integration with carriers, wellness and payroll vendors, and easy access via mobile devices – all of which increase employee engagement in the benefits decision-making process. In addition, bswift’s proven tracking and reporting tools help employers comply with the latest Affordable Care Act (ACA) regulations.
“The world of benefits shopping, enrollment and administration has become increasingly complex,” said Rich Gallun, CEO of bswift. “Continuing to exceed our clients’ expectations and deliver the innovative technology and services that they have come to expect from us requires investment in our employees and technology,” he explained. “We believe that Great Hill is the ideal partner to help support and accelerate our growth. Given the rapid expansion that we have experienced in the last few years, our team looks forward to leveraging the proceeds from this investment to continue to build on bswift’s strong momentum.”
“We are excited to support Rich and his team as bswift expands its role as a leader in providing technology and services for both emerging health care exchanges and traditional benefits administration,” noted Chris Busby, Partner, Great Hill Partners. “After conducting extensive research with its customers and leadership team, we are impressed by bswift’s exemplary reputation in the marketplace, as well as its ability to serve a diverse market of employers and channel partners, and have the utmost confidence in the future of the company,” he continued.
Raymond James & Associates acted as financial advisor to bswift.
Based in Chicago, bswift offers software and services that streamline benefits, HR and payroll administration for employers and public and private exchanges nationwide. bswift’s state-of-the-art cloud-based technology and outsourcing solutions significantly reduce administrative costs and time-consuming paperwork, making life easier for administrators and millions of consumers who enroll in benefits with bswift. For more information, visitwww.bswift.com and check out the bswift blog at www.bswift.com/blog.
About Great Hill Partners
Great Hill Partners is a private equity firm that manages more than $2.7 billion in capital to finance the expansion, recapitalization or acquisition of growth companies in a wide range of sectors within the business and consumer services, media, communications and software industries. Great Hill targets investments of $25 million to $150 million. For more information, please visit www.greathillpartners.com.