Lowenstein Sandler represented SunFireMatrix, Inc., a leading software and tech-enabled services platform serving the insurance distribution and health plan markets, and certain members of its management team in SunFire’s sale to Spark Purchaser, Inc., a KKR & Co. Inc. (NYSE: KKR) affiliate.
Funds managed by Stone Point Capital LLC, the company’s previous majority owner, will continue to be a significant minority shareholder in the company. Financial details of the transaction were not disclosed.
KKR is funding this investment through its Health Care Strategic Growth (HCSG) Fund II, which is focused on investing in high-growth health care companies to which KKR can be a unique strategic partner in helping reach scale.
SunFire is a SaaS technology company providing transformative and proven IT solutions and services to support the rapidly growing Medicare market. SunFire’s core quoting and enrollment technologies enable brokers to compliantly sell Medicare Advantage, prescription drug, and Medicare supplement plans within a proprietary cloud-based platform. SunFire delivers innovative post enrollment engagement solutions providing third party verification technology and advocate services, ensuring the beneficiaries intent to enroll, health risk assessment completion as well as the activation of plan benefits.
The Lowenstein deal team included Steven E. Siesser, Traci M. Tomaselli, Eric Jesse, Mark P. Kesslen, Sophia Mokotoff, Megan Monson, Manali Joglekar, Heather Weaver, Oluwaseyi Amorin, Kaitlyn M. Baietto, Jessica I. Kriegsfeld, and Vincent R. Scala.
