Liazon Secures $12.6 Million in Financing
Buffalo, NY (April 5, 2011) – Liazon Corporation announced that it has secured a $12.6 million round of funding from Bain Capital Ventures, Ingleside Investors, Rand Capital, SBIC, and other investors. The company, with over 2,000 customers across 23 states, revolutionizes how employers manage their employee benefits programs.
“This investment further validates Liazon’s revolutionary model for employee health and wealth protection,” said Ashok Subramanian, Liazon’s CEO and Co-Founder. “There is a new future upon us where people, not companies, are making decisions on how best to protect themselves and their families. This capital infusion will allow us to dramatically expand our national sales and marketing footprint and continue to innovate on our Bright Choices® technology platform.”
Through Liazon’s award-winning Bright Choices® online store, employers define their long-term benefits contribution and employees select individually tailored benefits portfolios from over 1 billion combinations of insurance, healthcare, and financial products. Employers save money and employees are more satisfied with their benefits.
“Liazon takes a very challenging situation – spiraling healthcare costs– and transforms it into a strategic asset for small and mid-sized businesses,” said Jeff Crisan, Managing Director, Bain Capital Ventures. “Liazon’s cutting-edge software, product suite, and scalable service model completely change the game in benefits and finally enable employers, employees, and insurance carriers to win together.”
Since its founding in 2007, Liazon has grown rapidly and now serves companies ranging in size from sole proprietors to 3,500 employees. The company also manages insurance programs for Chambers of Commerce, business associations, and other channel partners. Its Bright Choices® technology has won Best Website awards from Consumer Health World and Web Health Awards and has been featured on CNNMoney.com as a “New Vision for Fixing Healthcare”.
Liazon Corporation was founded in 2007 to address the myriad problems inherent in employee benefits by creating an entirely new retail model. Liazon has pioneered the private online benefits store where employees find, learn about, and purchase healthcare, other insurance products, and a wide range of services. Liazon has demonstrated success in taming benefits costs for its thousands of customers across the U.S. and in helping their employees save money and choose an optimal set of benefits for themselves and their families. Central to Liazon’s success is its service delivery model through its Consumer Advocacy Center and its Client Liazon programs which off-load employers’ benefits administration burden. Liazon’s solution scales easily for companies of all sizes. Liazon’s corporate offices are in New York City and Buffalo, New York (www.http://dev.liazon.com).
About Bain Capital Ventures
Bain Capital Ventures is the venture and growth affiliate of Bain Capital, headquartered in Boston. Bain Capital Ventures has approximately $1.5 billion under management and invests in healthcare, business services, internet, consumer and retail, mobile and software companies across all stages of a company’s development. Bain Capital Ventures leverages the consulting and operating backgrounds of its professionals, broad firm resources, and a 27-year heritage of successful investing to partner with entrepreneurs and management teams to build large, profitable businesses that are leaders in their space. Bain Capital’s history of investing in venture and growth-stage companies dates back to 1984. Since then, the firm has made over 125 venture and growth-stage investments in companies such as Archer Technologies, DoubleClick, Gartner Group, iPay Technologies, Liberty Dialysis, LinkedIn, MinuteClinic, ProfitLogic, Staples, SolarWinds and Taleo (www.baincapitalventures.com).
About Ingleside Investors, LLC
Ingleside Investors(also known as A.C. Israel Enterprises, Inc.) is an integrated investment firm that primarily represents the interests of the New York based Israel family. For over 50 years, the firm has successfully invested in growing companies, such as Jenny Craig, Qdoba Mexican Grill and Sundance Catalog. Ingleside Investors is headquartered in New York, NY (www.inglesidellc.com).
About Rand Capital, SBIC
Rand Capital, SBICis a publicly held Business Development Company (BDC), and its wholly owned subsidiary is licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand and its subsidiary provide capital and managerial expertise to small and medium sized private companies primarily located in the Northeast U.S. Rand is traded on the NASDAQ under the symbol “RAND”. Rand is headquartered in Buffalo, NY. (www.randcapital.com).