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Benny Card Company Gets $5.5 Million In Capital

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NU Online News Service, May 21, 2003, 4:11 p.m. EDT – The Sprout Group, Menlo Park, Calif., has helped supply $5.5 million in capital for Evolution Benefits Inc., Avon, Conn.

Evolution sells the Benny Card system, a credit-card-like system for administering flexible spending accounts, health reimbursement arrangements and transportation management accounts.

Robert Patricelli, Evolution’s chairman, joined Sprout in the latest round of funding, Evolution says.

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Evolution will use the cash to develop new technology and expand its operations, the company says.

The Sprout Group is an affiliate of Credit Suisse First Boston.