FINEOS Corp. Holdings PLC has entered into a binding conditional agreement to acquire San Francisco-based Limelight Health Inc. for US$75 million.
The transaction is expected to close in August, subject to the satisfaction of certain closing conditions that include the approval of Limelight Health's shareholders.
FINEOS intends to fund the acquisition through a combination of cash and CHESS depositary interests over FINEOS shares. Limelight Health's shareholders may elect to receive their consideration in cash, depositary interests or a combination of both.
Limelight Health provides cloud-based quoting, rating and underwriting software solutions for employee benefits insurers.
FINEOS and Limelight Health will provide an end-to-end software-as-a-service core product suite for global life, accident and health insurers through their combined platform following the transaction.