Shore Capital acquires benefits platform ThrivePass
What's the deal? Shore Capital PartnersDealroom has a profile for this one. Try Dealroom →, a Chicago-based private equity firm focused on healthcare, has acquired ThrivePass, a Denver-based employee benefits technology platform. Financial terms were not disclosed. Harris WilliamsDealroom has a profile for this one. Try Dealroom → advised ThrivePass on the transaction.
What does ThrivePass do? Founded by Wade RosenDealroom has a profile for this one. Try Dealroom →, Andreas DeptollaDealroom has a profile for this one. Try Dealroom →, and Charles Shen, the company helps employers design, deliver, and manage benefits programs. Its platform covers lifestyle spending accounts, rewards and recognition, tuition reimbursement, COBRA administration, and pre-tax benefits, working with brokers, professional employer organisations (PEOs), and employers.
What's the endgame? The deal will fund continued investment in ThrivePass' product, technology, and client experience as it scales to more employers and members.
What they're saying: "We built ThrivePass to make employee benefits work better," said co-founder Rosen, adding the partnership brings "the resources and healthcare expertise to accelerate that mission." Shore principal Mike Oleferchik called ThrivePass "a differentiated technology platform, innovative products, and a team with deep conviction about where this industry needs to go."
The signal: Private equity continues to consolidate benefits technology, betting that fragmented HR and benefits administration is ripe for modernisation.
Read more: Associated Press
