Connecture, Inc. Completes Take-Private Acquisition by Francisco Partners
BROOKFIELD, Wis. — April 26, 2018 —Connecture, Inc., a provider of web-based information systems used to create health insurance marketplaces, today announced the completion of the acquisition by affiliates of Francisco Partners, a leading technology-focused private equity firm. The transaction was approved by Connecture’s Board of Directors and a shareholder majority, marking a new era for Connecture as it officially becomes a privately-held company.
“This is a transformative new chapter for our organization,” said Connecture President and CEO Jeff Surges. “Ultimately, it will allow us to have greater mobility to execute on our vision of becoming the clear choice for shopping, quoting and enrollment technology for the U.S. health insurance market. The flexibility provided as a private company, coupled with Francisco Partners’ substantive experience growing technology organizations, positions us to continue to build on our market leadership, nurture our client relationships and capture new business opportunities that drive us toward an even brighter future.”
“We’re thrilled about the completion of this transaction as Connecture perfectly complements our portfolio of smart and innovative technology companies,” said Ezra Perlman, Co-President of Francisco Partners. “We look forward to being part of Connecture’s growth and supporting their near and long-range vision.”
For almost two decades, Connecture has worked together with payers, brokers and government agencies to create quoting, shopping, enrollment and engagement solutions that help people confidently enroll in their best-fit health plan. Connecture supports all market segments, from individual and group coverage for the under 65 market to a full spectrum of Medicare options. Currently, over two-thirds of all Medicare Advantage and Part D electronic enrollments are facilitated by Connecture’s technology, making it one of the most widely used Medicare decision-support technology available.
Connecture is a leading web-based consumer shopping, enrollment and retention platform for health insurance distribution. Connecture 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. Connecture’s customers are health insurance marketplace operators such as health plans, brokers and exchange operators, who must distribute health insurance in a cost-effective manner to a growing number of insured consumers. Connecture’s solutions automate key functions in the health insurance distribution process, allowing its customers to price and present plan options accurately to consumers and efficiently enroll, renew and manage plan members.
About Francisco Partners
Francisco Partners is a leading global private equity firm, which specializes in investments in technology and technology-enabled services businesses. Since its launch over 17 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential.
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