Francisco Partners has agreed to access Brookfield, Wisconsin-based Connecture Inc, which provides admonition systems acclimated to actualize bloom allowance marketplaces. According to acceding of the deal, Francisco Partners will pay $0.35 per allotment for anniversary allotment of Connecture accepted banal not captivated either by them or addition Connecture advocate Chrysalis Ventures or their affiliates. Kirkland & Ellis LP is accouterment acknowledged admonition to Francisco Partners on the accord while DLA Piper LLP (US) is accomplishing additionally for Connecture.
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PRESS RELEASE
BROOKFIELD, Wis., Jan. 04, 2018 (GLOBE NEWSWIRE) — Connecture, Inc. (OTCQX:CNXR), a provider of web-based admonition systems acclimated to actualize bloom allowance marketplaces, today appear that it has entered into a absolute acceding to be acquired by entities affiliated with the all-around clandestine disinterestedness firm, Francisco Partners.
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The transaction has been accustomed absolutely by Connecture’s Board of Admiral aloft the advocacy of a Appropriate Committee of independent, alfresco directors. Under the acceding of the agreement, entities affiliated with Francisco Partners accept agreed to pay $0.35 per allotment for anniversary allotment of Connecture accepted banal not captivated by Connecture’s absolute adopted investors, Francisco Partners and Chrysalis Ventures, and their affiliates. Aloft achievement of the transaction, Connecture will become a privately-held aggregation endemic by Francisco Partners, Chrysalis Ventures and their affiliates, which accept all agreed to cycle their absolute disinterestedness into the accepting company. The acceding includes a 45 day “go shop” period, although there can be no affirmation that this action will aftereffect in a above proposal. Francisco Partners and Chrysalis Ventures, which calm own about 70% of the accumulated voting ability of Connecture’s outstanding voting shares, accept alive a voting and abutment acceding to abutment the transaction and any abeyant above proposal.
“This transaction comes afterwards a transformational year for our aggregation and we attending advanced to the abutting phase,” remarked Jeff Surges, President and CEO of Connecture.
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The closing of the transaction is accountable to accepted closing conditions, including authoritative approvals and the acknowledging vote by a majority of the outstanding shares of Connecture’s basic banal voting calm as a distinct chic at a to-be-scheduled appropriate affair of stockholders. The transaction is accepted to abutting in the aboriginal bisected of agenda 2018.
The Appropriate Committee that adjourned and recommended the transaction has retained Houlihan Lokey and Raymond James as its banking admiral and Potter Anderson & Corroon LLP as its acknowledged advisor. DLA Piper LLP (US) is confined as acknowledged adviser to Connecture. Francisco Partners’ acknowledged adviser is Kirkland & Ellis LLP.
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About ConnectureConnecture (OTCQX:CNXR) is a arch web-based customer shopping, acceptance and assimilation belvedere for bloom allowance distribution. Connecture offers a alone bloom allowance arcade acquaintance that recommends the best fit allowance plan based on an individual’s preferences, bloom status, adopted providers, medications and accepted abroad costs. Connecture’s barter are bloom allowance barter operators such as bloom plans, brokers and barter operators, who charge administer bloom allowance in a cost-effective address to a growing cardinal of insured consumers. Connecture’s solutions automate key functions in the bloom allowance administration process, acceptance its barter to amount and present plan options accurately to consumers and calmly enroll, renew and administer plan members.
About Francisco PartnersFrancisco Partners is a arch all-around clandestine disinterestedness firm, which specializes in investments in technology and technology-enabled casework businesses. Since its barrage over 17 years ago, Francisco Partners has aloft over $14 billion in committed basic and invested in added than 200 technology companies, authoritative it one of the best alive and longstanding investors in the technology industry. The abutting invests in opportunities area its abysmal sectoral ability and operational ability can admonition companies apprehend their abounding potential.
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Francisco Partners has agreed to access Brookfield, Wisconsin-based Connecture Inc, which provides admonition systems acclimated to actualize bloom allowance marketplaces. According to acceding of the deal, Francisco Partners will pay $0.35 per allotment for anniversary allotment of Connecture accepted banal not captivated either by them or addition Connecture advocate Chrysalis Ventures or their affiliates. Kirkland & Ellis LP is accouterment acknowledged admonition to Francisco Partners on the accord while DLA Piper LLP (US) is accomplishing additionally for Connecture.
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