FINEOS acquires Limelight Health for $75 million
Irish claims management software company FINEOS has entered into an agreement to acquire San Francisco-based Limelight Health for $75 million. According to the company, the merger will provide an end-to-end SaaS core product covering quoting, underwriting, claims, and billing for the global life, accident, and health industry.
Founded in 2014, Limelight Health is a team of approximately 100 people providing cloud-based enterprise software solutions for employee benefits. It has secured $44 million across 5 rounds of funding and is backed by several insurers including Aflac, Principal and AXA Venture Partners. Interestingly enough, despite its incorporation date, it has only been focused on its target market for less than 3 years.
“We’re delighted to welcome the Limelight Health team and their clients to FINEOS, and we look forward to accelerating our combined growth for the benefit of all of our clients, people and partners. This acquisition delivers more product options for our clients as they accelerate their digital transformations and reduce their reliance on legacy core systems. Together we are over 1,000 people with our total focus on helping life, accident, and health carriers to serve their clients and customers with superior insurance technology. The North American employee benefits industry is undergoing tremendous change which is accelerating due to the competitive and regulatory environment as well as the constant advance of technology capabilities. Limelight Health is a rapidly growing Silicon Valley Insurtech with strong roots and competence in the employee benefits industry. They have a collaborative and inclusive culture with a powerful product that has been selected and deployed with leading Tier 1 North American carriers. They are aligned with our FINEOS culture, market focus and technology platform, and we are excited to combine with the Limelight Health team to accelerate our combined growth in North America and globally.” – Michael Kelly, CEO of FINEOS.
“This acquisition combines two of the most modern systems in the market today to offer customers a flexible SaaS platform that keeps them future-ready. Joining with FINEOS makes the most of our extensive experience in group benefits and our strong customer base in the US to support our expansion into individual insurance and global markets. Our customers will be able to depend on our combined team with a strong presence in North America, Europe, and Asia. The two companies share similar collaborative values, which will assist us in rapidly and successfully integrating.” – Jason T. Andrew, CEO of Limelight Health.