Healthation, Inc., a Lisle, IL-based provider of core administrative systems for traditional and emerging healthcare payers and administrators, raised $14m in Series B funding.
The round was led by ABS Capital Partners, with participation from Hughes & Company and existing investor SilverStream Capital. In conjunction with the financing, ABS Capital General Partner Mark Anderson and Hughes & Company Managing Director Travis Hughes will join Healthation’s board of directors.
The company intends to use the capital to expand sales and marketing efforts while building additional operations, service and development capabilities.
Led by CEO Darin LeGrange, Healthation provides healthcare payers with a Web-based platform to manage healthcare benefits, including medical, dental, vision, pharmacy and life insurance.
The company currently serves 26 customers in multiple payer segments including traditional managed care payers, state-based health insurance marketplaces, third party administrators and non-profit consumer operated and oriented plans, which represent nearly 24 million members.