Gravie Expands To Medicare With Breitenfeldt Group Acquisition
Minneapolis-based Gravie expanded its business operations to the Medicare market with the acquisition of the Breitenfeldt Group, one of the largest Medicare brokerages in the state.
The acquisition, announced on Thursday, is expected to extend Gravie’s reach of coverage from over 45,000 customers to upwards of 71,000 customers.
“People over the age of 65 comprise the fastest-growing segment of the population and the labor market,” Abir Sen, CEO and co-founder of Gravie, said in a statement. “With this acquisition, Gravie now has the capability to serve all individuals regardless of age and also provide solutions to employers looking for affordable ways to provide coverage to their retirees and pre-retirees.”
Gravie, which was founded in 2013 as a health benefits marketplace that assisted individuals and businesses in comparison-shopping for health care plans, said it would keep all six of the Breitenfeldt Group’s offices in Minnesota, including its Long Prairie headquarters.
Dennis Breitenfeldt, CEO of the Breitenfeldt Group, will be joining Gravie as vice president of Medicare. “With Gravie’s technology and consumer-oriented approach, combined with over a decade of Medicare experience at the Breitenfeldt Group,” he said, “we will bring best-in-class solutions to Medicare-eligible folks across the country.”
Terms of the deal were not disclosed, although access to Medicare Cost and Medicare Advantage plans have already been made available to Gravie’s customers.