Acclaris Completes Successful Growth Buyout
Acclaris announced it has signed a definitive agreement to sell the company to a new investor group
Tampa, FL, July 13, 2010 --
Acclaris announced it has signed a definitive agreement to sell the company to a new investor group, which includes Staley Capital, Trident Capital, HarbourVest Partners and Updata Partners. The transaction received unanimous approval by the company's board of directors and is effective immediately. Terms of the agreement were not disclosed.
The company will continue to operate under the Acclaris name, and the existing management team, led by CEO Mark Whittington and President and Founder Dipankar Mandal, remains intact.
"Acclaris has quickly attained a market-leading position and, together with our new investor group and corporate structure, is poised to leverage strong market demand for CDH-enabling products and services to further accelerate our growth," said Whittington. "Our growing ecosystem of channel partners, including leading financial institutions, TPAs, HRO companies and health plans, rely on Acclaris to provide the most efficient, scalable and high-performing outsourced benefit administration services available anywhere for their Fortune 500 clients."
"Today's announcement is all about scaling Acclaris to take advantage of the tremendous market opportunity for our technology platform and services offering," said Mandal. "We are pleased to be working with our new investor group to reach the next strategic phase in Acclaris' evolution."
Through intuitive workflows and self-service access, Acclaris simplifies complex CDH requirements. It offers a seamless and scalable CDH platform for managing Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA), Flexible Spending Accounts (FSA) and more to over 2.6 million employees, retirees and individuals. Acclaris delivers more innovation and value than competitive offerings because it integrates a flexible Software-as-a-Service (SaaS) platform with onshore and offshore global delivery services.
"Acclaris offers distinctive, bundled software and services solution and a highly efficient, scalable global delivery footprint," said Amit Basak, Managing Director at Staley Capital. "Together with Acclaris' management and our co-investment partners, we are enthused about our ability to fully and quickly leverage Acclaris' competitive advantages in this market."
