On August 10, 2020, FINEOS Corporation, a global market leader in core systems for life, accident, and health insurance, announced that it has entered into an agreement to acquire Limelight Health, a leading North American provider of quoting, rating, and underwriting solutions for group and voluntary employee benefits, for $75 million, subject to customary adjustments. The union will provide an end-to-end SaaS core product suite from quote, rate, and underwrite through to billing, policy administration, absence, and claims management for the global life, accident, and health industry. Wilson Sonsini Goodrich & Rosati represented Limelight Health in the transaction.
Limelight Health solutions streamline and automate the sales and underwriting functions for group benefits insurers, enabling carriers to win more business with faster, more accurate proposals and an online broker interface. The suite of products for rating, underwriting, and quoting will be available as an optional component of FINEOS AdminSuite, while continuing to be available to the market as a standalone SaaS product solution that readily integrates with third-party and legacy core solutions.
FINEOS and Limelight Health have already built integrations between their products to enable joint go-to-market and system delivery to meet their clients’ needs. This acquisition will enable deeper integration and make it easier to do business with the unified company. The objective is to provide a strong and seamless user experience to everyone inside and outside the carrier’s business operations, making the FINEOS Platform an even more attractive offering to the employee benefits industry.
The Wilson Sonsini team that represented Limelight Health in the transaction includes:
Corporate
Scott Murano
Brian Appel
Technology Transactions
Manja Sachet
Jennifer McGrew
Sean Withall
Data & Privacy
Matt Staples
Haley Bavasi
Daniel Chen
Employee Benefits & Compensation
Michael Klippert
Jason Chan
Regulatory
Anne Seymour
Seth Cowell
Real Estate & Environmental
Susan Reinstra
Martin Sul
For more information, please see FINEOS's press release.