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WindRose Health Investors Completes The Sale Of basys To BPOC And Five Arrows Capital

WindRose Health Investors, LLC the New York-based healthcare private equity firm, announced that it has completed the sale of basys, LLC (“basys”) to BPOC and Five Arrows Capital. Following the sale, basys merged with Innovative Software Solutions Inc. (“ISSI”) to form a leading multiemployer benefits administration solutions provider. Harbour Benefits Holdings, Inc., the former owner of ISSI and the parent company of Zenith American Solutions, will retain an investment in the new organization. Both basys and ISSI will continue to offer their respective solutions and operate under the basys and ISSI brands. Terms of the transaction were not disclosed.

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basys is a provider of specialized business administration software for the Taft-Hartley community, providing technology solutions for fund offices, national multiemployer plans, and third party administrators across the United States and Canada. basys software suites, web-based portals and hosting services deliver automated and cost-effective solutions to accurately and efficiently serve millions of members on a platform built for data security, regulatory compliance, and a lower total cost of ownership.

“The sale of basys creates an exceptional outcome for the company and our investors,” said CJ Burnes, Partner of WindRose. “We are thrilled to have had the opportunity to partner with the company and its management team as they expanded their suite of products and maximized efficiency for their customers and members. We look forward to seeing how the combination of the two companies further revolutionizes and modernizes the industry.”

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“WindRose shared our vision and commitment to growing our business and investing in our technology platform, and we are thankful to have had them as a partner,” said Jenny Morgan, President and CEO of the new company. “The new organization will be able to provide the full suite of solutions that our customers need to service their members, and our combined team of experienced professionals will continue to develop services and solutions tailored for this market.”

Latham & Watkins acted as legal advisor to Windrose Health Investors, and Harris Williams acted as financial advisor.

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