Basys LLC and Innovative Software Solutions Inc. Announce Merger

Basys LLC and Innovative Software Solutions Inc. (“ISSI”), leading providers of specialized benefits administration solutions, today announced a merger to become the industry leader for innovative multiemployer benefits solutions. Together Basys and ISSI will provide administrators and participants with unmatched technology, support, and expertise in all facets of multiemployer benefits administration.

BASYS AND ISSI FORM THE LEADING MULTIEMPLOYER BENEFITS ADMINISTRATION SOLUTIONS PROVIDER

Both Basys and ISSI will continue to offer their respective solutions, with no plans to sunset either platform, allowing customers to work with the benefits administration technology and customer support teams they already know and trust. The strength of the combined company will be harnessed to expand the capabilities of both platforms, while maintaining the highest level of customer support for administrators and plan participants.

“The emphasis on automation and modern solutions combined with a focus on dependability, cost-effectiveness and easy-to-deploy solutions at both companies, creates an unprecedented opportunity to provide new services and increased value to the full spectrum of customer needs – many of which went unmet prior to the combination of the two companies,” said President and CEO of the new company, Jenny Morgan. “I am truly excited to lead such an experienced team of over 300 benefits administration professionals as we continue to serve customers with best-in-class benefits administration solutions.”

“We are excited to be partnering with Basys and further our mission to develop innovative benefit administration solutions that meet the range of our client’s needs from efficiency to automation, to cost savings,” said ISSI President, Jim Barling. “As one company, our superior industry expertise in the Taft-Hartley benefits administration space will strengthen our customer relationships as we deliver the highest-quality service and support.”

BPOC and Five Arrows Capital Partners will gain a majority stake in the new organization from WindRose Health Investors. Harbour Benefit Holdings, Inc., the former owner of ISSI and the parent company of Zenith American Solutions, the leading third-party administrator in the Taft-Hartley market, will retain an investment in the new organization and will continue to leverage its technology and innovation.

The company will continue to operate under the Basys and ISSI brands. There are no plans to reduce staff at either Basys or ISSI, as the combined organization continues to prioritize employee satisfaction and recognizes that assembling the industry’s largest pool of talent and experience is a mission-critical component for ongoing success. Similarly, there are no plans to close existing facilities as a result of the transaction. Specific terms of the transaction were not disclosed.

Latham & Watkins served as legal advisor to Windrose Health Investors, and Harris Williams served as financial advisor. Paul Hastings and Robert W. Baird served as legal and financial advisors to BPOC and Five Arrows Capital Partners.