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.
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.