Empyrean Benefit Solutions Completes $41 Million Capital Raise
FTV Capital leads financing to support platform expansion and continued growth.
Empyrean Benefit Solutions (Empyrean), one of the fastest growing benefits technology and service firms in the U.S., today announced that it has completed a $41 million capital raise. The growth equity investment was led by FTV Capital and included existing investors and management. Proceeds from the transaction will be used to help Empyrean build on its position as a leading, independent provider of healthcare and benefits technology to employers, insurance brokers and healthcare exchanges.
“Administering health and welfare benefits in-house has become increasingly complex for employers. Healthcare reform, emerging opportunities around cost control and transparency, and employee demand for self-service are driving demand for a flexible, full-service, web-based benefits platform,” said Chris Winship, partner at FTV Capital and new board member at Empyrean. “After an exhaustive market study, we found Empyrean to be uniquely positioned to serve both employers and brokers as they navigate this rapidly evolving industry. Empyrean’s client-centric approach and highly configurable technology give the company a distinct advantage versus the one-size-fits-all models that competitors offer.”
“Many Fortune 500/1000 companies have partnered with Empyrean to help their employees seamlessly access and manage their health and welfare benefits programs,” said Rich Wolfe, Empyrean founder and CEO. “This new investment will allow Empyrean to dedicate additional resources to extend our product leadership and service/support operations, as well as speed the expansion of our sales efforts.”
“Our partnership with FTV Capital ensures Empyrean will continue to provide innovative solutions that efficiently manage our clients’ needs, while enabling us to take advantage of strategic opportunities given the rapidly changing healthcare environment,” said Empyrean founder and chairman Dave Carlson.
Christopher Tan, principal at FTV Capital, will also join the Empyrean board of directors.
Raymond James acted as financial advisor to Empyrean.
Founded in 2007, Empyrean Benefit Solutions is a leading provider of technology and services for managing large and middle-market employers’ health and benefits programs. Empyrean provides enrollment, eligibility management, and a range of other plan administration services to three distinct markets: employers, insurance brokers, and healthcare exchanges. The company’s open systems approach brings together the industry’s most advanced benefits technology platform with the market’s leading domain experts. This agile business solution drives greater value to employers and employees during increasing market uncertainty by giving them an unprecedented level of flexibility, through best-of-breed integration of other software and service providers. Empyrean’s founders are former principals with some of the country’s largest benefits administration service providers.
About FTV Capital
FTV Capital is a growth equity firm with over $1 billion under management that invests in high-growth companies offering a range of innovative solutions in four sectors: business services, financial services, payments/transaction processing, and technology. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for more than a decade. Founded in 1998, FTV Capital has invested in 77 portfolio companies across four funds, and has offices in San Francisco and New York. For more information, visit http://www.ftvcapital.com.