Madison Dearborn Partners (MDP) Funds has wrapped up the previously announced acquisition of health insurance technology company Benefytt Technologies.

MDP Funds obtained majority of Benefytt’s outstanding shares of common stock for $31.00 per share in an all-cash tender offer.

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Under the agreement, Benefytt will retain its brand name and remain headquartered in Tampa, Florida.  It will continue under its existing CEO Gavin Southwell and operate as private company, majorly owned by the MDP Funds.

Benefytt specialises in the development and operation of private e-commerce health insurance marketplaces, consumer engagement platforms, agency technology systems, and insurance policy administration platforms.

It provides a number of Medicare-related insurance plans and other health insurance and supplemental products, utilising its existing platform and technologies.

Gavin Southwell said: “Today’s closing is an important milestone in Benefytt’s ongoing work to become a premier health insurance technology company.

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“As we enter this next phase, the entire Benefytt team looks forward to drawing upon Madison Dearborn’s deep expertise in the insurance technology and health care industries to drive our transformation strategy forward.”

Madison Dearborn’s Financial & Transaction Services team managing director Vahe Dombalagian said: “In this ever-changing market for Medicare-related plans and services, Benefytt’s approach offers consumers a highly personalised and accessible enrollment experience.

“We are excited to build on Benefytt’s technology-driven model and support Gavin and the rest of the management team as they continue to lead Benefytt’s strategic transformation and product diversification.”

MDP Funds agreed to acquire Benefytt Technologies for approximately $410m last month.