Evolution Benefits Inc., the company that developed the Benny card benefits account payment card system, has combined with Lighthouse1 L.L.C., a Web-based benefit plan administration services firm, to form Evolution1.
Evolution Benefits, Avon, Conn., and Lighthouse1, Edina, Minn., first announced the deal in April.
Evolution1 has about 250 employees, and it is keeping offices in Fargo, N.D., and St. Louis as well as Evolution Benefits offices in Avon and the Lighthouse1 offices in Edina.
Evolution1 now serves 400 plan administrators, 50,000 employers and plans with about 7 million enrollees. In 2010, the company handled about $2.4 billion in reimbursement transactions and processed 24 million claims.
“Evolution1 will continue to invest in all of its current products, including Lighthouse1 Mobile, the Benny Prepaid Benefits Card, the Lighthouse1 cloud computing software platform and the PayDirect on-premise software solution,” Evolution1 says.
Robert Patricelli, the chairman and founder of Evolution Benefits, has retired from active management and become vice chairman of the board of Evolution1.
Jeff Young, chief executive officer (CEO) of Lighthouse1, has become chairman and CEO of the merged company.
Chris Byrd, president and chief operating officer (COO) of Evolution Benefits, has become president and COO of Evolution1.
Genstar Capital L.L.C., San Francisco, acquired Evolution Benefits in July 2010, and Genstar financed the Evolution Benefits-Lighthouse 1 deal, the companies said in April.
- Allison Bell