Connecture CFO leaving at end of year

Purko joined firm in 2011

insurance

James Purko, chief financial officer at Brookfield-based Connecture Inc., will leave the company at the end of the year, the company announced Thursday.

Connecture said Purko was leaving to pursue other business opportunities. The company described the departure as a planned transition, but also said it had commenced a search to find a successor.

Purko has been with the company since 2011. He worked as an auditor and audit manager at Arthur Anderson LLP from 1995 to 2002. He then worked at HK Systems Inc and Dematic Corp. in a variety of roles including chief financial officer.

Connecture is a provider of web-based information systems used to create health insurance marketplaces. The company was founded in 1999 and went public in late 2014.

The company reported a net loss of $7.3 million in 2015, although financial results had been steadily improving from a $26.4 million loss in 2013.

But Connecture’s loss has grown to $20.3 million through the first nine months of this year, compared to $11.7 million during the same period last year.

Revenue is also down by 8.5 percent to $61 million during the first nine months of this year.

The company did finalize a $52 million equity investment from Francisco Partners, a San Francisco, California-based private equity firm, earlier this year.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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