bswift, a technology company focused on optimizing healthcare administration, announced that it received a $51 million minority equity investment from private equity firm Great Hill Partners. Founded in 1996, the company has experienced 40% annual growth for the past four years and “looks forward to leveraging the proceeds from this investment to continue to build on bswift's strong momentum,” said CEO Rich Gallun.
[ibimage==35186==Original==none==self==null]Specifically, bswift creates software to help people “easily navigate the ever changing world of health care and benefits,” according to its website. It achieves this by providing a variety of software that assists employers in administering benefits and aids insurance brokers in enrolling clients – all in a streamlined, digitally savvy manner. Priding itself on innovative techniques, it has even created a Mobile Benefits Portal where employees can conveniently access their benefits information.
Another integral component of bswift’s services is its web-based insurance exchange platform. It provides this software to clients such as First Niagara Benefits Consulting and Frenkel Benefits, who in turn can establish their own private exchanges for employers. bswift experienced an increase in demand for this product as a result of the Affordable Care Act, which aimed to expand access to health insurance. The federal insurance exchange, HealthCare.gov, experienced numerous technical problems during its launch, highlighting the necessity of effective technological means for healthcare administration.
Great Hill Partners’ investment to bswift was made possible by Great Hill Equity Partners IV LP, a $1.1 billion fund created in 2008. "We are excited to support Rich and his team as bswift expands its role as a leader in providing technology and services for both emerging health care exchanges and traditional benefits administration," said Chris Busby, a Partner at Great Hill Partners.
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