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Sun Life Financial acquires Maxwell Health

Sun Life Financial Inc. has acquired Maxwell Health for undisclosed terms.

Maxwell Health, a startup with an employee benefits platform, has 125 employees. It will continue to operate independently and provide services to the group benefits industry.

The startup's platform allows employees at small and midsize businesses to enroll in all their benefits, including medical, dental, vision, life, short- and long-term disability, voluntary coverages, financial benefits such as health savings accounts, and lifestyle products like telemedicine. Employees using the platform can access their benefits through a mobile app that includes virtual insurance ID cards and convenient access to support for health and benefits-related questions.

Sun Life has been an investor in Maxwell Health since 2015.

Goodwin Procter LLP served as legal adviser to Sun Life. Raymond James & Associates Inc. acted as financial adviser and Greenberg Traurig LLP served as legal adviser for Maxwell Health.