CHICAGO, IL--(Marketwire - Jun 12, 2012) - GoHealth, a Chicago-based technology company, has announced a $50 million equity investment from Norwest Equity Partners ("NEP"), a leading middle market investment firm. The minority investment in the company, which was a partnered agreement between GoHealth and NEP management, closed on June 7, 2012.
GoHealth and its consumer-facing website, GoHealthInsurance.com was founded in 2001 as Norvax, Inc. by CEO Clint Jones and President Brandon Cruz. Jones and Cruz initially launched the health insurance industry's first multi-carrier quote engine which is now used by thousands of agents and brokers across the United States.
Throughout the next decade, Norvax transitioned into GoHealth, establishing itself as an influential leader in the health insurance industry and as one of the fastest growing technology companies in the United States. Today, the company works with over 100 health insurance carriers and more than 10,000 licensed agents use the GoHealth platform.
NEP, based in Minneapolis, Minnesota, has over 50 years of experience and has put a focus on software and technology investments in recent years.
"On behalf of the NEP partnership, we are excited about our investment in GoHealth and our partnership with Clint and Brandon. Together they have built GoHealth from the ground up, delivered leading-edge products and web marketing tools, and broadened customer initiatives. They are well-poised for continued growth and success," said Tom Schauerman, a Partner at NEP and GoHealth board member.
GoHealth has developed a robust service with its technology that is revolutionizing the end-to-end process of purchasing health insurance. Through GoHealthInsurance.com, consumers can shop, compare and purchase health coverage on the Web or through a licensed agent. Users utilize GoHealth's custom quote engine to view benefits and rates side-by-side and filter plan preferences such as preferred company, coverage type and cost levels including premium, deductible and copayments.
"Our company is in a very unique position to have a major impact on the health insurance industry, and our partnership with NEP will allow us to accelerate our strategy to significantly improve the way individuals and families get their health insurance," said Brandon Cruz, President of GoHealth.
Clint Jones, CEO of GoHealth, added, "From the very beginning, we knew the opportunity we had in front of us. Now with NEP as our new investment partner, we have the resources and experience behind us to drive tremendous momentum for our cutting-edge health insurance technology and business process solutions."
GoHealth, which is headquartered in River North, Chicago, Illinois, has 165 full-time employees and was named one of Chicago Tribune's top 100 workplaces for 2011. GoHealth was also among the top 20 fastest growing companies in 2007 and 2008 for Inc. Magazine.
"I am thrilled with NEP's opportunity to partner with GoHealth," said Jim Lindner, an Operating Partner at NEP. "With a proven management team led by Clint and Brandon, a terrific business model and best-in-class technology products and solutions, we're expecting a very successful and bright future for GoHealth."
For more information about GoHealth, visit www.GoHealth.com.
About Norwest Equity Partners
Partnering with business owners since 1961, Norwest Equity Partners (NEP) is a leading equity investment firm focused on building companies into industry leaders. With a reputation for quality investments and exceptional financial returns, NEP manages $5 billion of capital through a series of equity and mezzanine funds. The firm is currently investing NEP IX, with $1.2 billion in capital.
GoHealth and its customer-facing website GoHealthInsurance.com is a health insurance technology platform, working with over 100 health insurance carriers and more than 10,000 licensed agents across the United States. Since the company's founding in 2001, the GoHealth platform has helped nearly 30 million Americans shop and purchase health coverage. GoHealth, based in Chicago, Illinois, was recently named in the top 100 best workplaces in Chicago by the Chicago Tribune and is one of Inc. Magazine's 500's fastest growing companies in America.