FT Partners Advises Canopy Financial in its Acquisition of CareGain
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Overview of Transaction
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On October 15, 2008, Canopy Financial ("Canopy") announced its acquisition of CareGain, Inc. ("CareGain") from Fiserv, Inc. ("Fiserv") for an undisclosed amount |
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CareGain provides consumer-directed healthcare (CDH) account administration and management software to leading health plans |
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This acquisition offers Canopy greater market share in the healthcare banking technology space and allows the company to build upon its HealthDirect infrastructure |
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CareGain's clients will now be served by Canopy; Fiserv retains its healthcare banking solutions for its financial institution clients |
Significance of Transaction
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Through the acquisition of CareGain, Canopy consolidates the healthcare banking technology market, and is now the market leader in delivering account management and electronic payment solutions to leading health plans and financial institutions |
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The combined entity, which powers the CDH programs of many of the top 25 health plans and financial institutions, administers over one million CDH related spending accounts nationally |
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Canopy is now better-positioned to respond to the growing demand for healthcare banking technologies |
FT Partners' Role
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FT Partners acted as the sole strategic and financial advisor to Canopy and its Board of Directors |
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FT Partners advised Canopy on its $15,000,000 minority capital raise earlier in 2008 |
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