|[August 20, 2012]
TripleTree Advises Fidelity National Information Services in the Sale of its Healthcare Benefit Solutions Business to Lightyear Capital for $335 Million
MINNEAPOLIS --(Business Wire)--
announced the acquisition of the Healthcare Benefit Solutions Business
of its client, Fidelity
National Information Services (FIS), the world's largest global
provider of banking and payments technology, by Lightyear
Capital, a New York-based private equity firm focused on financial
services investing. The pending acquisition had been previously
announced on June 25, 2012.
"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. The divestiture is consistent with our primary focus to serve
financial institutions, as well as our strategy to maintain leadership
positions in markets where we have meaningful scale."
"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."
The new company has been renamed and will operate as Alegeus
Technologies ("Alegeus"). Alegeus is the market leader in benefits
administration and payment processing for consumer directed healthcare
accounts. Robert Natt will be Alegeus' full time Executive Chairman and
Thomas Torre will be its Chief Executive Officer.
Alegeus is the leading provider of benefit administration and payment
processing technology in the consumer directed healthcare (CDH) market,
an important and growing component of the U.S. healthcare system that
connects patients, payers and providers. Over 500 clients including
third party administrators, health insurance plans and financial
institutions leverage Alegeus' deep expertise and proven technology in
benefit administration and payment processing to serve over 60,000
employers and 11 million CDH account holders. The Company's consumer
directed healthcare administration platform helps clients improve
relationships with employers and their benefit plan members. Alegeus'
payment output solutions provide seamless flow of funds and information
among patients, payers and providers. The Company is headquartered in
Waltham, MA, with operations in Carrollton, TX and Milwaukee, WI.
"We are extremely excited to add Alegeus to our portfolio of
high-quality, market-leading companies in the financial services space,"
said Donald B. 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 is the perfect partner for Alegeus," said Bob Natt. "They
have great insights into our business and are committed to helping us
grow as an independent company and expand our business in healthcare
benefit and payment processing to accommodate market trends."
TripleTree acted as the exclusive strategic advisor to 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. For more than a decade, the firm has worked with
innovative, high-growth businesses in the healthcare industry. www.triple-tree.com
FIS (NYSE: FIS) is the world's largest global provider dedicated to
banking and payments technologies. With a long history deeply rooted in
the financial services sector, FIS serves more than 14,000 institutions
in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs
more than 32,000 people worldwide and holds leadership positions in
payment processing and banking solutions, providing software, services
and outsourcing of the technology that drives financial institutions.
First in financial technology, FIS tops the annual FinTech 100 list, is
425 on the Fortune 500 and is a member of Standard & Poor's 500® Index. www.fisglobal.com
About Lightyear Capital
Lightyear Capital is a leading private equity firm making primarily
control investments in North America based middle-market financial
services companies. Based in New York, Lightyear, through its affiliated
funds, has managed approximately $3 billion of committed capital with
investments across the financial services spectrum, including asset
management, banking, brokerage, financial technology, insurance, and
specialty finance. Lightyear brings unique strengths and discipline to
its investment process, as well as operating, transaction, and strategic
management experience, along with significant contacts and resources
beyond capital. The senior team of professionals averages over 25 years
of financial services-related experience and includes Chris Casciato,
Michael Doppelt, Stewart Gross, Thierry Ho, Donald Marron, Richard
Sterne, and Mark Vassallo. www.lycap.com
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