SunFire Announces Investment from KKR
April 02 2024 - 6:00AM
Business Wire
SunFireMatrix, Inc. (“SunFire” or the “Company”), a leading
software and tech-enabled services platform serving the insurance
distribution and health plan markets, announced today that it has
been acquired by funds managed by KKR, a leading global investment
firm. Funds managed by Stone Point Capital LLC, the Company’s
previous majority owner, will continue to be a significant minority
shareholder in the Company. Financial details of the transaction
were not disclosed.
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“We are excited to strategically partner with KKR, given our
shared commitment to transforming the healthcare landscape. KKR and
Stone Point’s support provides us with unique access and guidance,
helping us to continue to grow and serve our customers and
beneficiaries,” said David Graf, CEO of SunFire.
“SunFire is a leading, purpose-built platform with a culture of
customer centricity and patient focus that we believe is highly
differentiated,” said Ali Satvat, Partner and Global Head of Health
Care Strategic Growth at KKR. “We have been impressed by what Dave
and the entire SunFire team have achieved and look forward to
collaborating closely with them during the next phase of the
Company’s growth.”
“We are thrilled to support SunFire in its mission to utilize
industry-leading technology and best-in-class customer service to
create a more seamless and reliable experience for patients, health
plans, and its distribution partners,” said Johnny Kim, Director at
KKR.
“We are delighted to continue our partnership with David Graf
and Kevin Waldman and the entire SunFire team, and welcome KKR, in
this next phase of growth for the Company. Over the past three
years, SunFire has maintained its leadership position by developing
innovative solutions to simplify beneficiary enrollment and to
provide critical tools to agents and its carrier clients," said
Nick Zerbib from Stone Point Capital.
KKR is funding this investment through its Health Care Strategic
Growth (HCSG) Fund II, which is focused on investing in high-growth
health care companies to which KKR can be a unique strategic
partner in helping reach scale.
Evercore and William Blair acted as financial advisors to KKR
and SunFire respectively.
About SunFire
SunFire is a SaaS technology company providing transformative
and proven IT solutions and services to support the rapidly growing
Medicare market. SunFire’s core quoting and enrollment technologies
enable brokers to compliantly sell Medicare Advantage, Prescription
Drug and Medicare Supplement plans within a proprietary cloud-based
platform. SunFire delivers innovative post enrollment engagement
solutions providing third party verification technology and
advocate services, ensuring the beneficiaries intent to enroll,
health risk assessment completion as well as the activation of plan
benefits. As a mission-driven company, SunFire is deeply passionate
about their commitment to improving the lives of the senior
community.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people, and supporting growth in its portfolio
companies and communities. KKR sponsors investment funds that
invest in private equity, credit and real assets and has strategic
partners that manage hedge funds. KKR’s insurance subsidiaries
offer retirement, life and reinsurance products under the
management of Global Atlantic Financial Group. References to KKR’s
investments may include the activities of its sponsored funds and
insurance subsidiaries. For additional information about KKR &
Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.
For additional information about Global Atlantic Financial Group,
please visit Global Atlantic Financial Group’s website at
www.globalatlantic.com.
About Stone Point Capital
Stone Point is an alternative investment firm based in
Greenwich, CT. Stone Point targets investments in companies in the
global financial services industry and related sectors. The firm
invests in alternative asset classes, including private equity
through its flagship Trident Funds and credit through commingled
funds and separately managed accounts. In addition, Stone Point
Capital Markets supports our firm, portfolio companies and other
clients by providing dedicated financing solutions. For more
information, please visit www.stonepoint.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240402643144/en/
Media: Liidia Liuksila (212) 750-8300 media@kkr.com
Anne Gilliland (203) 862-2926
agilliland@stonepoint.com
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