Riverside Investment Delivers Array of Benefits

The Riverside Company, a global private investor focused on the smaller end of the middle market, has invested in Soluta, Inc. and Boon-Chapman Benefit Administrators, Inc. (Soluta BCBA). These two sister companies provide software and tech-enabled business services to insurance carriers, insurance brokers, agents and employer groups nationwide.

Soluta is a software and services company providing administrative work-flow software solutions and supplemental business process outsourcing services for voluntary insurance carriers, general agents, program managers and third-party administrators (TPA). Soluta’s software automates complex billing, payment, accounting, premium/eligibility reconciliation and other costly administrative workstreams for the employee benefits market. Boon-Chapman is a national TPA providing healthcare claims administrative services to self-funded employer groups.

Riverside is excited about the company’s outstanding software, strong value proposition and deep expertise in a large and growing employee benefits market.

“With a differentiated technology solution, strong value proposition and large, blue-chip base of insurance carrier customers, we see considerable room for accelerated organic growth,” said Riverside Partner Steven Burns. “We are excited to partner with the company to invest in sales, marketing and product development to expand the company’s services for the benefits ecosystem. We see extensive opportunities for Soluta to serve additional carriers and distribution partners, while BCBA is a respected market leader that can capture more business in the highly fragmented TPA market.”

Soluta BCBA has a proven track record of growth with a loyal customer base, providing a solid foundation for expansion. Riverside is also enthusiastic about the company’s leadership.

“This company has an experienced, savvy and talented leadership team that has a deep understanding of this complex industry,” said Riverside Co-Chief Investment Officer Peter Tsang . “We look forward to leveraging our deep experience in healthcare technology investing to partner with management and help take Soluta BCBA to its next chapter of growth.”

Working with Burns and Tsang on the investment for Riverside were Principal Daniel Grinnan, Senior Associate Luke Mallinger, Senior Associate Edward Robson, Associate Lukas Sontich, Associate Brendan Callaghan, Capital Markets Partner Anne Hayes, Senior Operating Partner Jeff Goodman and Operating Finance Executive Kyle Morse. The investment was sourced by Riverside Principal, Origination, Grant Marcks.