Dublin-based insurtech business FINEOS has acquired Limelight Health for $75 million.
FINEOS plans to expand its product offering with the acquisition of Limelight Health, a US-based provider of quoting, rating, and underwriting solutions for group and voluntary employee benefits.
LimeLight Health, an insurtech software company, based in San Francisco, expanded its operations to Des Moines in July of 2018. Last year, the company raised $33.5 million in series C funding, led by Principal Financial Group.
“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,” said Jason T. Andrew, CEO of Limelight Health in an announcement. “Joining with FINEOS makes the most of our extensive experience in group benefits and our strong customer base in the US to support our expansion into individual insurance and global markets. 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.”
Together, the two companies have about 1,000 employees, according to FINEOS.
“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,” said Michael Kelly, CEO of FINEOS. “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 Health raises $33.5 million in Series C funding -Jan. 17, 2019
Scouting Report: Limelight Health coming to Des Moines –July 23, 2018