Lightyear Capital Acquires Healthcare Benefit Solutions Business
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Lightyear Capital Acquires Healthcare Benefit Solutions Business

Lightyear Capital has completed the acquisition of the Healthcare Benefit Solutions Business of Fidelity National Information Services for $335 million. The acquired business has been renamed and will operate as Alegeus Technologies.

Alegeus Technologies is a financial technology company providing benefits administration software as a service, multi-purse debit cards and transaction processing solutions for consumer directed healthcare (“CDH”) accounts. The company has the number one market share in both healthcare benefit administration and debit card processing technology and is the only integrated technology provider in the CDH sector. Robert Natt will be Alegeus’ full time Executive Chairman and Thomas Torre will be its Chief Executive Officer. Alegeus Technologies is headquartered in Waltham, MA, with operations in Carrollton, TX and Milwaukee, WI. (www.alegeustechnologies.com).

“We are extremely excited to add Alegeus to our portfolio of high-quality, market-leading companies in the financial services space,” said Donald Marron, Chairman of Lightyear. “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.”

Lightyear Capital makes control investments in North America-based, middle-market financial services companies. Lightyear has managed approximately $3 billion of committed capital with investments across the financial services sector, including asset management, banking, brokerage, financial technology, insurance, and specialty finance. The firm is located in New York, NY (www.lycap.com).

TripleTree acted as the exclusive strategic advisor to Fidelity National Information Services (FIS) in connection with the transaction. TripleTree is an independent, research-driven investment bank focused on mergers and acquisitions, financial restructuring, and principal investing services. The firm is based in Minneapolis, MN (www.triple-tree.com).

“FIS has built a market leading position in healthcare account processing and payment services, and this business continues to perform very well,” said Gary Norcross, President and Chief Operating Officer of FIS. “TripleTree was retained to help us understand the considerations associated with the healthcare business. We ultimately made a decision to divest of the business. TripleTree provided us with good alternatives as our advisor and was a solid partner throughout the engagement until closing.”

“We found a great home and investor for this business, enabling the company to maintain its leadership position and continue growing to meet the evolving needs of the industry,” said Scott Tudor, Managing Director at TripleTree. “We are very pleased that we were able to position the new company for future success while enabling a continued focus on serving financial institutions for FIS.”

© 2012 PEPD • Private Equity’s Leading News Magazine • 8-21-12
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