September 28, 2023

Germantown software program firm will get $156 million funding

Germantown-based VBA, a developer of cloud-based well being advantages software program, introduced Tuesday that it has closed a $156 million progress fairness transaction led by Spectrum Fairness, a progress fairness agency primarily based in Boston and San Francisco.

Current investor Arthur Ventures additionally participated within the funding spherical.

VBA says it seeks to enhance the well being care expertise by eliminating knowledge fragmentation and enabling interoperability via its suite of options. It serves your entire well being care payer panorama. The corporate says its cloud-based software program “allow payers to interchange outdated legacy programs, develop their enterprise and scale back prices.”

“At a time when rising complexity of plan administration is straining present legacy programs, payers are turning to VBA to assist them resolve main challenges, from optimizing workflows to responding to buyer wants.” stated Michael Clayton, president and CEO of VBA. “We’re delighted to deliver on Spectrum Fairness as a accomplice. Their success scaling different well being care expertise and enterprise software program corporations will probably be an asset to us as VBA enters its subsequent part of progress.”

“VBA delivers what payers want at present – a sensible, environment friendly strategy to administer plans with superior expertise,” stated Jeff Haywood, managing director of Spectrum Fairness. “We’re impressed by their progressive strategy and robust buyer progress and retention, and we’re wanting to leverage our previous expertise with payer going through tech corporations to assist them proceed to scale.”

“We’re excited to again Mike and his crew at VBA and speed up the corporate’s strategic progress plans” stated Michael Radonich, principal at Spectrum. “Our funding will go in direction of creating future merchandise and options and guaranteeing the corporate has the infrastructure and assets wanted to help its rising buyer base.”

With the funding, VBA will add Haywood and Radonich to its board of administrators.