Brookfield-based Connecture Inc. paid $5 million in cash for its acquisition of Chicago-based ConnectedHealth LLC Tuesday, according to an SEC document the company filed today.
Connecture used cash available on its balance sheet to fund the acquisition, the filing says. Other details of the transaction specifics were not included in the public document.
ConnectedHealth has developed an online consumer platform used to shop for personalized health insurance and benefits.
Connecture makes web-based information systems used to create health insurance marketplaces for the consumer that recommend the best insurance plan based on an individual’s preferences, health status, preferred providers, medications and expected out-of-pocket costs.
The acquisition will allow the companies to combine their technologies into one solution that meets some openings in the market.