Basys nets loan backing LBO, merger transaction

Basys LLC obtained senior credit facilities backing the acquisition of the company by BPOC and Five Arrows Capital Partners and subsequent merger, market sources said today. BMO Sponsor Finance was the administrative agent and sole lead arranger.

Basys will merge with Innovative Software Solutions Inc., or ISSI. The companies both provide benefits administration to employers through technology platforms.

BPOC and Five Arrows Capital Partners acquired Basys from WindRose Health Investors. Harbour Benefit Holdings Inc., the former owner of ISSI, will retain a stake in the combined company, according to a Jan. 5 statement about the transaction.

The companies will continue to operate under the two brands, Basys and ISSI.