04/15/2021 | Press release | Distributed by Public on 04/15/2021 10:44
William Blair acted as the exclusive financial advisor to benefitexpress, a portfolio company of LLR Partners, in connection with its pending acquisition by WEX. The transaction was signed on April 14, 2021 and is expected to be completed in the second quarter, subject to regulatory approvals and other customary closing conditions.
Transaction Highlights
About the Companies
benefitexpress is a market-leading provider of highly configurable, cloud-based benefits administration technologies and services. The company's SaaS solution integrates all benefits activities in one centralized platform, provides simplicity to complex plans, and offers a custom-made experience that engages and educates employees while offering employers a high-touch benefits management unmatched in the market. benefitexpress offers end-to-end solutions that include benefits enrollment, management and administration, ACA compliance, COBRA and direct bill, reimbursement account administration, carrier bill reconciliation, dependent verification, and a full-service call center designed to act as an extension of its clients' benefits department.
LLR Partners is a Philadelphia-based private equity firm targeting investments of $15 million to $100 million in lower middle market growth companies with proven business models and seeking to invest across technology and healthcare businesses. The firm implements a collaborative approach with portfolio companies to identify high-growth initiatives, turn them into actions, and create long-term value. Over the last two decades, LLR has raised more than $5 billion across six funds and has provided equity capital for growth, recapitalizations, and buyouts to over 100 companies.
WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel, and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,200 associates around the world. WEX fleet cards offer 15.8 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020; and the WEX Health financial technology platform helps 408,000 employers and 33.1 million consumers better manage healthcare expenses.
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