The transaction is aimed at providing an enhanced user experience for people inside and outside the carrier’s business operations
Irish software development firm FINEOS has agreed to acquire Limelight Health, a provider of quoting, rating and underwriting solutions for employee benefits, for $75m.
The transaction is expected to create an end-to-end SaaS core product suite that facilitates quoting, rating and underwriting through billing, policy administration, absence and claims management in the life, accident, and health industry.
FINEOS is focused on core systems for life, accident and health insurance carriers, and offers the FINEOS Platform, with support from Amazon Web Services. The platform includes FINEOS AdminSuite core product suite, along with FINEOS Engage and FINEOS Insight.
FINEOS CEO Michael Kelly said: “We’re delighted to welcome the Limelight Health team and their clients to FINEOS, and we look forward to accelerating our combined growth for the benefit of all of our clients, people and partners.
“This acquisition delivers more product options for our clients as they accelerate their digital transformations and reduce their reliance on legacy core systems. Together we are over 1,000 people with our total focus on helping life, accident, and health carriers to serve their clients and customers with superior insurance technology.”
Limelight’s insurance products will be offered through FINEOS AdminSuite
FINEOS and Limelight Health have already integrated their products, enabling joint go-to-market and system delivery to address their clients’ needs.
The transaction is expected to further strengthen the integration and is aimed at providing an enhanced user experience for people inside and outside the carrier’s business operations, and enabling the FINEOS Platform better serve the employee benefits industry.
Limelight Health is a provider of cloud-based enterprise software solutions aimed at delivering advanced quoting, rating, and underwriting solutions for employee benefits insurers.
The company said that its process automation and integration capabilities will automate the sales and underwriting functions for group benefits insurers, including product management, broker self-service, risk management, and sales.
The transaction is expected to enable the company’s suite of products for rating, underwriting, and quoting, offered as an optional component of FINEOS AdminSuite. The product will also be available in the market as a standalone SaaS product solution for integration with other solutions.
Limelight Health CEO Jason Andrew said: “This acquisition combines two of the most modern systems in the market today to offer customers a flexible SaaS platform that keeps them future-ready.
“Our customers will be able to depend on our combined team with a strong presence in North America, Europe, and Asia. The two companies share similar collaborative values, which will assist us in rapidly and successfully integrating.”