Proceeds to Fund Development of
MyAmericasChoice.com, the worlds first online third-party benefits administrator
King of Prussia, PA, April 17, 2000Americas Choice Healthplans, the
creator and owner of MyAmericasChoice.com, the worlds first online
third-party benefits administrator, today announced that the company has completed a $4
million round of equity financing which consisted of A preferred stock. The offering was
purchased by Eureka L.L.P., a growth capital fund managed by Berwind Financial Group.
The capital infusion will allow Americas Choice Healthplans to further
develop and market the companys online benefits administrative resource, MyAmericasChoice.com, which provides real-time, interactive
benefits management, administration and reporting capabilities for employees, employers
and participating health care providers directly over the Internet.
"This investment underscores the power and potential of MyAmericasChoice.com, as
we move forward and market the online resource to human resource professionals and
employees nationwide," says Clelland Green, president of Americas Choice
Healthplans, based in King of Prussia, PA. "Currently, the sheer volume of the data
associated with online employee benefits has restricted the use of the Internet to the
simple filing of health care applications online or the ability to look up physicians
participating in specific plans. MyAmericasChoice.com, however, provides complete
e-commerce capabilities for both the employer and employee in order for them to more
effectively manage their entire health care program, and help employees live healthier
The capital investment comes on the heels of aggressive growth of Americas Choice
Healthplans, which has seen the company open three regional branch offices and sign a
number of high profile accounts in the first quarter of 2000.
"We have discovered that technology companies as well as companies that use
technology in the daily operation of their businesses are searching for ways to improve
overall productivity through a range of Internet applications," says Green.
"Benefits administration, with it high data demands, is one area where automation
makes tremendous sense. Many health care providers, however, are currently tied to legacy
systems, unable to capitalize on the Internets ability to share and communicate data
across enterprises. For them, MyAmericasChoice.com provides an elegant, efficient solution
to measure productivity gains for the corporation."
"We believe that MyAmericasChoice.com fills an important void in the health care
e-commerce space and holds great opportunity for capturing a significant portion of the
market," says Christine Jones, Principal. "Were excited about the
companys first mover status as well as its prospects for the future."
About Eureka, L.L.P.
Eureka, L.L.P. is a growth capital fund managed by Berwind Financial Group and
sponsored by the Berwind Group of Companies. Eureka provides expansion and acquisition
financing to small and middle-market companies in the mid-atlantic and eastern seaboard
regions. Berwind Financial Groups other private equity initiatives include leveraged
buyout and venture capital.
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