A large Charleston software business has made its first acquisition in nearly a decade, buying a Wisconsin firm in a deal aimed at increasing its customer base.
Benefitfocus Inc., which makes a cloud-based platform that helps millions of workers buy and manage their job benefits, said it paid $24 million for certain commercial assets of Connecture. It’s the Daniel Island-based company’s first buyout since it went public in 2013.
Benefitfocus executives said the acquisition should bring three benefits: more customers, about 100 employees and new technology. The deal, which closed Monday, did not include a Connecture business that focuses on the federal government’s Medicare program.
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