WindRose Health Investors has held a recapitalisation of basys, a benefits administration technology developer.
Through the new equity, basys will be able to expand its further the expansion of its technology solutions and hire more staff for its technology, product management and support teams. Proceeds will also be used to increase its customer base of US and Canadian fund offices and third-party administrators.
Baltimore-based basys is a benefits software provider for the Taft-Hartley community, helping fund offices, national multi-employer plans and third-party administrators to support their clients. Its technology offers billing and eligibility software, claims processing, and retirement plan management.
The platform can help to automate various processes within the retirement plan life cycle, calculating the benefit amounts, choosing retirement options, disbursing funds and actuarial reporting. On the billing and payments side, basys streamlines COBRA, MSP and RDS processes and gives an efficient system for remittance data and payments.
basys CEO Jenny Morgan said “WindRose shares our vision of being a leading provider of benefits administration technology for the Taft-Hartley community and continuing to provide value to a market that puts serving its members first.”
Ziegler acted as financial advisor to basys, and BMO Capital Markets served as lead arranger for a senior secured credit facility.
Earlier in the year, digital retirement plan company Blueprint Income closed a $2.75m seed round, from investors including Green Visor Capital and NextView Ventures.
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