Allied Benefit Systems, LLC Announces the Acquisition of Medxoom

CHICAGO, July 18, 2023 /PRNewswire/ -- Allied Benefit Systems, LLC ("Allied"), one of the nation's largest healthcare administrators for employee benefit plans, and its majority equityholder, funds managed by Stone Point Capital LLC, today announced the acquisition of Medxoom, Inc. ("Medxoom"), an industry leading digital benefits platform. Medxoom's state-of-the-art technology is utilized by health plans, benefits consultants, employer groups, and third-party administrators throughout the country to optimize their member's experience and manage their healthcare benefits.

This acquisition and integration of Medxoom's technology into Allied's member experience will transform the way Allied provides service, care, and support to its members, while at the same time reducing employer risk by delivering a fully-compliant and cost-effective solution to its clients. Allied is committed to supporting Medxoom's current clients and future growth, and further the development of innovative member-centric products and services that will challenge the industry standard.

Rob Valerious, Allied's Chief Strategy Officer, explained, "The Medxoom technology will power a highly personalized and intuitive member experience through the 'My Allied Portal' app. Our vision integrates Allied's medical and enhanced case management services with digital tools that will enable our members to make informed healthcare choices for themselves and their families." 

"This investment reflects Allied's commitment as an industry leader to enhance our technical capabilities for the benefit of our clients and their members," said Drew Rozmiarek, Allied's Chief Revenue Officer. "We are relentlessly focused on improving our members' user experience while reducing employers' healthcare costs."

Jeff Toewe, Medxoom's Chief Executive Officer, shared, "The investment in capital, resources, and talent by Allied will support our mission to optimize the health benefits experience for our clients and their members. We are thrilled to be part of the Allied family."

"Our focus is to provide clients with the most advanced technology platform in the industry," said Michael Sternklar, Allied's Chief Executive Officer. "The recent Transparency in Coverage regulations marks the beginning of sweeping changes in how members both access and consume healthcare. The acquisition of Medxoom puts Allied at the forefront of creating the next-generation user experience. We welcome Jeff, who will continue to serve as President of Medxoom, and his team into the Allied family."

About Allied Benefit Systems, LLC

Founded in 1980, Allied is one of the nation's largest healthcare solutions companies providing professional administrative, medical management, and compliance services to over 13,000 self-insured employer groups across the United States. For more information about Allied, please visit www.alliedbenefit.com.

About Stone Point Capital

Stone Point is an investment firm based in Greenwich, CT, with approximately $50 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in a number of alternative asset classes, including private equity through its flagship Trident Funds. Stone Point also manages both liquid and private credit funds and managed accounts. In addition, Stone Point Capital Markets supports our firm, portfolio companies, and other clients by providing dedicated financing solutions. For more information about Stone Point Capital, please visit www.stonepoint.com.

About Medxoom

Medxoom is an industry-leading digital health benefits integration and payments platform with over 2,000 employers. The founders of Medxoom are tech startup veterans in the mobile and FinTech industries, having received recognition as the #1 AWS Amazon Startup of the Year for a retail digital transaction network. Medxoom was backed by leading venture funds, including Las Olas Venture Capital, TTV Capital, and Castellan Group, the family office of the co-founders of Zelis Payments. For more information about Medxoom, please visit www.medxoom.com.

SOURCE Allied Benefit Systems