The company’s technology enables users to spend electronically through prepaid funds in CDH accounts.
Genstar principal Eli Weiss said, “During Genstar’s ownership, Evolution1 developed and expanded its solutions to achieve strong organic growth.
“The company today serves more than 10 million consumers and more than 90,000 employer groups.
“The platform is poised to continue building on this momentum, and we are pleased to have worked with this talented senior management team to dramatically grow this business.”
Genstar’s other recent exits include the sale of portfolio company TravelClick toThoma Bravo in a deal worth $930m.
Genstar bought into the business alongside fellow buyout house Bain Capital in 2007. During the holding period, the company saw its revenue and EBITDA more than double.
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