TAMPA, Fla. – January 16, 2007 – Acclaris, Inc., a leader in technology enabled reimbursement services for employee benefits, today announced that it has secured $2 million in financing from MMV Financial Inc. This funding will be used to support the Company’s accelerated growth strategy; including enriching and marketing the industry’s most advanced platform for web based administration of employee reimbursement accounts. Acclaris is a venture-backed company whose investors include Updata Partners, a fund focused on the IT sector, with offices in Virginia and New Jersey.
“Acclaris provides the most comprehensive offering of employee benefit reimbursement services on the market today,” commented Ron Patterson, Executive Vice President of MMV Financial Inc. “Their executive management has an accomplished track record and a deep understanding of the opportunities within the emerging consumer driven healthcare industry and how to capitalize upon them. Furthermore, MMV is excited about this opportunity as it is MMV’s first investment in the State of Florida, a market we intend on opening further in the near future.
“This funding allows us to solidify our position as the leading provider of web enabled reimbursement services for employee benefits,” commented Mark Whittington, CEO of Acclaris. “MMV moved quickly to understand our business and provide us with capital that suited our needs.” “This funding enables us to continue enhancing our self-service portal, streamline our service delivery capabilities and expand our market position,” added Dipankar Mandal, President of Acclaris.
The Acclaris platform, which is called ACCLAIM, supports Consumer Driven Healthcare by providing holistic management of an employee’s various reimbursement accounts through a single, unified web interface. ACCLAIM intelligently bundles issue and resolution tracking as well as routing, workflow and escalation for efficient processing, fulfillment and disbursement. Through ACCLAIM, employers and employees can be confident in having real time access to their accounts, robust reporting features, and seamless integration with debit card vendors and other ancillary services.
About Acclaris, Inc.
Acclaris, headquartered in Tampa, Florida, is a leading reimbursement administrator for employee benefits offering the industry’s most comprehensive services through a combination of ground-breaking, web based technology, innovative processes and a globally distributed workforce. The company provides reimbursement services for a broad range of both IRS regulated (e.g., FSA, HRA, HSA, MRA and Commuter) and employer designed (e.g., Tuition, Scholarship, Adoption, Medicare Part A/B, Fitness and Wellness) plans.
Acclaris’ locations include Tampa, Florida; Overland Park, Kansas; Vishakapatnam, India and Kolkata, India. For additional information, visit the company’s website at http://www.acclaris.com/, or contact:
Chief Executive Officer
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial, Inc., Wells Fargo Company and HSBC Bank Canada. For more information visit http://www.mmvf.com, or contact:
Executive Vice President
MMV Financial Inc.