Minneapolis-based Bloom Health Sold
Minneapolis-based Bloom Health Corp. has been acquired by Houston-based Empyrean Benefits Solutions. Terms of the deal were not disclosed. The two companies were already working together through a strategic partnership. Empyrean announced the deal on June 30.
Bloom Health helps employers, brokers and insurers navigate private health care exchanges in the changing medical landscape. The two companies already have integrated operations. Empyrean bills itself as “one of the fastest-growing providers of technology and services for managing employee health benefits programs.”
Bloom Health was founded in 2009 by serial health care entrepreneur Abir Sen, who is now CEO of Gravie, another company that he launched.
“This is the culmination of a seven-year journey that the Bloom team undertook in pursuit of transforming the health care benefits marketplace,” Jim Priebe, CEO of Bloom Health, said in a statement. “As a part of Empyrean, and together with our plan providers, we now have all the pieces in place to deliver a comprehensive benefits engagement and administration solution to employers who want to provide their people with great choices and great service.”
Prior to the deal, Bloom’s majority owners were Indianapolis-based Anthem Inc., Blue Cross and Blue Shield of Michigan, and Chicago-based Health Care Service Corporation. All three of the insurers will continue to offer plans through the combined company.
In March 2013, Empyrean announced raising $41 million through a growth equity investment led by FTV Capital, which has offices in San Francisco and New York.