Patriot National Inc. (NYSE: PN) has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for a secondary offering. No terms were given in the filing, but it is valued up to $50 million. The underwriters for the offering are BMO Capital Markets and JPMorgan.

This is an independent national provider of comprehensive technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk, comply with complex regulations and save time and money. The company offers a full suite of end-to-end insurance-related and specialty services that allow its clients to improve efficiencies and reduce expenses through value-added processes.

The core of its value proposition includes the benefit of a “one-stop” solution with a broad array of offered services, scalable, state-of-the-art technology and solutions to complex business and regulatory processes. The goal is to be the preferred provider of mandatory employer services, such as risk management services, health and welfare services, employee onboarding and compliance services.

Patriot National principally offers two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration. The company provides these services either on an individual basis, as bundles of two or more services tailored to a client’s specific needs or on a turnkey basis where it provides a comprehensive set of front-end and back-end services to a client.

Revenue totaled $90.3 million for the six months ended June 30, 2015, and $117.3 million for the year ended December 31, 2014. Net income (loss) for such periods was $(3.8) million and $10.4 million, respectively.

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The company intends to use the net proceeds from this offering to repay all outstanding amounts under the revolving credit facility of its senior secured credit facility, including accrued interest. The remaining proceeds after the repayment of these borrowings will be put toward general corporate purposes, consistent with the company’s growth strategy. Also Patriot National will not receive any proceeds from the sale of the shares by the selling stockholders.

Shares of Patriot National were down 6% at $15.13 on Monday afternoon. The stock has a consensus analyst price target of $20.50 and a 52-week trading range of $11.02 to $19.32.

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