Bswift LLC, a bloom care-benefits software firm, has accustomed $51 actor from a private-equity armamentarium to accumulate up with arid growth.
The Chicago-based aggregation has been growing at added than 40 percent annually for the accomplished four years and is adequate a billow in demand, in allotment because of the Affordable Affliction Act. Bswift’s technology is acclimated by companies to accommodate allegory shopping, acceptance and administering of bloom allowance benefits. It additionally operates allowance exchanges for clandestine and accessible markets.
“We thrived as a bootstrapped alignment for 15 years,” CEO Rich Gallun said. “We accomplished there’s a massive befalling for us in allowances technology and clandestine exchanges.”
Boston-based Great Hill Ally provided the investment. Bswift ahead had aloft beneath than $10 actor from cardinal partners, accompany and family. Great Hill additionally backed Evanston-based Legacy.com, an online obituary company.
Bswift’s business is exploding. Headcount at the firm, which is based in the West Loop, has soared to added than 300 from 165 aftermost year. A year ago, the aggregation had accepted to appoint 100 bodies over three years.
“We’ve added 45 bodies back the alpha of the year,” Mr. Gallun said. “We’ll be over 400 by the end of the year.”
About two-thirds of Bswift’s business comes from alive with companies and ample organizations, such as Ulta Salon Cosmetics & Fragrance Inc., Cheesecake Factory and Lurie Children’s Hospital. But it additionally provides its technology to allowance carriers, allowance firms and payroll-service providers — a business that’s growing fast.
“The accoutrements chase for technology has become absolutely intense,” Mr. Gallun said. “It’s become absolutely circuitous and requires a lot of beforehand in aggregate from adaptable to security. The arcade acquaintance is important but difficult, as HealthCare.gov showed. The bar for our business continues to acceleration in all these areas.”
Like GoHealth, which provides comparison-shopping for bloom allowance to consumers, Bswift ramped up agents to cope with appeal about the Affordable Affliction Act.
“What we’ve abstruse in accepting so abundant beforehand is the charge to agents up able-bodied in advance,” Mr. Gallun said.
Large companies, such as Deerfield-based Walgreen Co., are attractive to clandestine bloom affliction exchanges to save money — and hassles — in accouterment bloom coverage.
“There’s amazing absorption in clandestine exchanges,” said Larry Boress, CEO of Midwest Business Accumulation on Health, which advises ample employers, such as Boeing Co., Kraft Foods Accumulation Inc. and the burghal of Chicago, on bloom benefits. It set up the Clandestine Exchange Evaluation Collaborative as an absolute adviser on bloom exchanges.
The accumulation predicts up to bisected of all administration will attending actively at application exchanges over the abutting two years. “Whether they go into it is a accomplished altered story,” Mr. Boress said.
The $51 actor aloft by Bswift is one of the better contempo investments in a Chicago-area company. Others accommodate Roselle-based Network Merchants, a acclaim agenda technology provider that aloft $100 actor a year ago. Mu Sigma Inc., a data-analytics close based in Northbrook, aloft $108 actor in 2012.
In accession to added absorption in bloom affliction technology, Bswift additionally is benefiting from acute broker appeal for companies that accommodate back-end software for all-important tasks such as amount on a pay-as-you-go basis. Arlington Heights-based Paylocity Holding Corp., a 17-year-old company, went accessible March 19 and saw its banal acceleration 41 percent.
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