Transactions
August 15 2012
FIS Benefits Solutions Business Acquired By Lightyear Capital
Company Description
Fidelity National Information Services (NYSE: FIS) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.
Objectives
FIS engaged TripleTree to assess strategic alternatives for divesting its Benefit Solutions business that includes their Consumer Driven Healthcare Solutions and Health and Financial Network Solutions divisions, which provide benefits administration, multi-purse debit card and benefit account processing and payment fulfillment services to consumers, healthcare providers and payers. TripleTree worked with FIS to develop and evaluate a strategic roadmap and acquisition strategy that would make FIS a leading player in the healthcare technology and services market, and ultimately make healthcare a material segment of FIS’ business. Given the capital requirements and FIS’ primary focus to serve financial institutions, it was determined that divesting the Benefit Solutions business while focusing on its core markets would be the best strategic decision for FIS.
Results
Lightyear Capital was identified as a premier owner and capital partner for the business based upon its successful track-record as an investor in financial services, deep knowledge of the consumer directed healthcare market, and its experience with scaling similar businesses. The resulting new company, Alegeus Technologies, is a leading financial technology company that is capable to provide benefits administration software as a service, multi-purse debit cards and transaction processing solutions for consumer directed healthcare (CDH) accounts. Alegeus has the number one market share in both healthcare benefit administration and debit card processing technology and is the only integrated technology provider in the CDH sector. In addition, Alegeus’ payment output solutions provide seamless flow of funds and information among healthcare patients, payers and providers.
The acquisition by Lightyear for $335 million will provide the capital resources to more fully leverage the Company’s market leading position in healthcare account processing and payment services.
LEAD INVESTMENT BANKERS
Jason Grais
Company Description
Fidelity National Information Services (NYSE: FIS) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.
Objectives
FIS engaged TripleTree to assess strategic alternatives for divesting its Benefit Solutions business that includes their Consumer Driven Healthcare Solutions and Health and Financial Network Solutions divisions, which provide benefits administration, multi-purse debit card and benefit account processing and payment fulfillment services to consumers, healthcare providers and payers. TripleTree worked with FIS to develop and evaluate a strategic roadmap and acquisition strategy that would make FIS a leading player in the healthcare technology and services market, and ultimately make healthcare a material segment of FIS’ business. Given the capital requirements and FIS’ primary focus to serve financial institutions, it was determined that divesting the Benefit Solutions business while focusing on its core markets would be the best strategic decision for FIS.
Results
Lightyear Capital was identified as a premier owner and capital partner for the business based upon its successful track-record as an investor in financial services, deep knowledge of the consumer directed healthcare market, and its experience with scaling similar businesses. The resulting new company, Alegeus Technologies, is a leading financial technology company that is capable to provide benefits administration software as a service, multi-purse debit cards and transaction processing solutions for consumer directed healthcare (CDH) accounts. Alegeus has the number one market share in both healthcare benefit administration and debit card processing technology and is the only integrated technology provider in the CDH sector. In addition, Alegeus’ payment output solutions provide seamless flow of funds and information among healthcare patients, payers and providers.
The acquisition by Lightyear for $335 million will provide the capital resources to more fully leverage the Company’s market leading position in healthcare account processing and payment services.
LEAD INVESTMENT BANKERS
Jason Grais
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