Evolution Benefits and Lighthouse1 merge to create Evolution1

Evolution Benefits and Lighthouse1 announced today that they have completed merging their companies to create Evolution1. Evolution1 offers the nation's most comprehensive electronic payment, on-premise and cloud computing solutions for the administration of flexible spending accounts (FSAs), health savings accounts (HSAs), health reimbursement accounts (HRAs), VEBAs, wellness and transit plans.

“We remain fully dedicated to reducing costs and simplifying the business of healthcare.”

Evolution1 serves more than seven million consumers, 50,000 employers, and 400 administrators, health plans and financial institution Partners. The company employs more than 250 people and will retain offices in Avon, Connecticut; Fargo, North Dakota; Minneapolis, Minnesota; and St. Louis, Missouri.

Jeff Young, former Lighthouse1 CEO, is the chairman and CEO of Evolution1. Chris Byrd, former president and chief operating officer of Evolution Benefits, has retained those responsibilities for Evolution1. Robert E. Patricelli, industry visionary and Evolution Benefits' founder and CEO, retired from active management of Evolution Benefits at closing and has become vice chairman of Evolution1's board of directors.

"All of us at Evolution1, together with our Partners, share a vision of next generation healthcare technology and services," said Young. "We remain fully dedicated to reducing costs and simplifying the business of healthcare."

Evolution Benefits has been among the industry's fastest growing organizations and has been recognized as one of Deloitte Technology's Fast 500 for the last five years. Lighthouse1 has grown more than 200% in the last three years, and the company facilitated more than $2.4 billion in reimbursement transactions and processed more than 24 million claims in 2010.

Since announcing the merger in April of this year, Evolution1 has added a number of key Partners, including Baystate, C.H. Reams, Goldleaf Partners and H&H Administrators.

"Our Partners can be confident that our commitment to them remains unwavering," said Byrd. "Our dedication to services, our passion for growth and success and our spirit for innovation has never been stronger."

"We truly have brought together the best products, best people, and best service in the industry," added Patricelli.

Evolution1 will continue to invest in all of its current products, including Lighthouse1 Mobile, the Benny Prepaid Benefits Card, the Lighthouse1 cloud computing software platform and the PayDirect™ on-premise software solution. With its increased financial and market strength, Evolution1 intends to further its leadership position in a rapidly-changing healthcare market.