Maestro Health, a Chicago-based employee benefits startup, has been acquired by French insurance provider AXA Group for $155 million.
Maestro's platform allows businesses to customize their own HR suite, offering personalized benefits solutions to businesses of all sizes. Its platform currently serves more than 500 groups, including Aramark, Mazda and Giordano's Pizza.
Founded in 2013 by Rob Butler, Maestro has been one of Chicago's fastest growing startups. It now has more than 300 employees, and it has raised over $50 million in venture funding from Oak HC/FT and SV Health Investors.
As part of the acquisition, Maestro will keep its brand and team, and it will operate as a wholly-owned subsidiary of AXA.
AXA is a French insurance provider that serves over 100 million clients in 64 countries.
"Not only is this the optimal step into the next phase of Maestro Health’s history, it’s also the ideal partnership to reinforce our all-in, continuum of care model—and ultimately transform healthcare as we know it today," Rob Butler, CEO and founder of Maestro Health, said in a statement. "With the scale and resources of one of the most recognizable brands in the world, we are well positioned to expedite our mission to lower healthcare costs, reduce complexity and empower the consumer more than ever before."
The deal is expected to close by the end of March.
