Tampa health insurance tech company Benefytt Technologies has agreed to sell to a Chicago private equity firm in a deal worth around $625 million.
Madison Dearborn Partners offered the NASDAQ-traded company $31 per share in cash, the companies announced last week. The deal also includes Benefytt’s debt, said senior vice president of finance Michael DeVries, and is expected to close by the end of August.
Benefytt’s senior management, including CEO Gavin Southwell, is expected to remain in place once it becomes a private company. The company has 509 employees, including 301 in Tampa. A statement about the deal said Benefytt “plans to maintain its operations in Tampa.”