Vista Equity Partners (Vista), a global investment firm specializing in enterprise software, data and technology-enabled companies, acquired consumer-directed healthcare solutions provider Alegeus from New York-based Lightyear Capital LLC in August 2018, which it had owned since 2012.
At the time of the acquisition, Steven Auerbach, Executive Chairman of Alegeus, gave an enthusiastic insight into what the partnership would entail.
Our clients operate in a highly competitive marketplace, and their success hinges on ensuring that they have the best solution that enables them to differentiate and win – today and tomorrow,” he said. “Vista has a proven track record of helping companies unlock their next phase of growth by expanding innovation. This acquisition offers Alegeus an incredible opportunity to leverage Vista's strategic and operational expertise, portfolio of resources, and strategic investment capital to continue to innovate and scale our platform.
Another opportunity Alegeus leveraged following Vista’s investment was a multi-phased initiative that would incorporate machine learning and artificial intelligence to create the Smart Account experience, a first for the industry. The initiative would enhance the Alegeus platform by providing broader support for the benefits lifecycle in one central location. Accessible in real time, users would have the ability to make comprehensive, informed decisions for their healthcare funding. With the support of Vista’s investment to fund these platform enhancements, Alegeus continues to deliver innovative, account-based benefit programs for employers and millions of consumers.
Entering its next chapter of growth, Alegeus brought Leif O’Leary on to serve as Chief Executive Officer in early 2021. O’Leary, who was hand-picked by Auerbach because of his focus on client success, said he was “thrilled by the opportunity to help write the next chapter of the Alegeus story.”
“This means not only strategically guiding the business through a major growth period and building on our legacy of value creation for our exceptional client community, but also continuing to nurture a diverse and value-driven company culture,” he continued. “Ultimately, this will allow us to deliver on our promise of disrupting the health benefits market and transforming how people navigate the U.S. healthcare system.”