SunFireMatrix Goes Supernova: KKR Takes Major Holding In The Purpose-Built Platform

Zinger Key Points
  • KKR reveals acquisition of SunFireMatrix, a software platform serving insurance and health plans.
  • KKR's Health Care Strategic Growth Fund II backs the investment, aiming to aid SunFire's expansion and patient-focused strategy.

KKR & Co. Inc. KKR disclosed the acquisition of SunFireMatrix, Inc. for an undisclosed amount.  

SunFireMatrix is a software and tech-enabled services platform serving insurance distribution and health plan markets.

KKR is funding the investment through its Health Care Strategic Growth (HCSG) Fund II, which focuses on investing in high-growth healthcare companies to which KKR can be a unique strategic partner in helping reach scale.

Funds managed by Stone Point Capital LLC, SunFireMatrix’s previous majority owner, will remain a significant minority shareholder.

Ali Satvat, KKR’s Partner and Global Head of Health Care Strategic Growth, said, “SunFire is a leading, purpose-built platform with a culture of customer centricity and patient focus that we believe is highly differentiated. We have been impressed by what Dave and the entire SunFire team have achieved and look forward to collaborating closely with them during the next phase of the Company’s growth.”

Also Read: Green Giant Hunt: KKR Targets Encavis In $3B Takeover Play

Johnny Kim, Director at KKR stated, “We are thrilled to support SunFire in its mission to utilize industry-leading technology and best-in-class customer service to create a more seamless and reliable experience for patients, health plans, and its distribution partners.”

As of FY23-end, KKR's cash and investments stood at $29 billion.

Investors can gain exposure to the stock via Northern Lights Fund Trust IV FMC Excelsior Focus Equity ETF FMCX and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF LBO.

Also Read: KKR Steps Into Seoul’s Urban Rental Market With WEAVE LIVING: A Strategic Move For 1,200 Units

Price Action: KKR shares are down 2.97% at $97.03 on the last check Tuesday.

Image sourced from Shutterstock

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