RxBenefits of Birmingham, Alabama announced this week that it will be the beneficiary of a sizeable investment from Great Hill Partners.
The investment will help RxBenefits increase sales, marketing and product development. It also provides the company with an excellent opportunity for continued growth and possible acquisitions in the health-care benefits industry.
RxBenefits, founded in 1995, provides pharmacy benefits administration solutions to self-insured employers. It has experienced exponential growth in the past few years and hope to continue this trend in the future with the help of the investment made by Great Hill Partners.
The investment marks the sixth made by Great Hill Partners, a Boston-based company, in the health-care technology field. The company has raised over $3.8 billion to date, using the money to acquire fast-growing companies in a wide range of fields. RxBenfits joins Qualifacts and PlanSource as recent recipients of Great Hills funds.
As stated in the deal, Mark Taber, Rafael Cofino and Craig Byrnes of Great Hill will join Bryan Statham and Cynthia Johnson on the RxBenfits board of directors. The monetary terms of the deal have not yet been revealed.