Connecture Inc. has filed its S-1 form with the U.S. Securities and Exchange Commission (SEC) to have an initial public offering (IPO). No terms were given for the offering, but the filing is up to $86.25 million. The company plans to list on the Nasdaq Global Market but has not yet nominated a symbol to list under.

The underwriters for the offering are Morgan Stanley, Raymond James, Wells Fargo, J.P. Morgan and William Blair.

Connecture is a Web-based consumer shopping, enrollment and retention platform for health insurance distribution. The customers are health insurance marketplace operators, such as health plans, brokers and exchange operators, that must distribute health insurance in a cost-effective manner to a growing number of insured consumers.

The United States health insurance marketplace is undergoing a tremendous structural change that is fundamentally altering how health insurance is purchased and distributed. More consumers now have access to health insurance with more plan options and places to buy their insurance than ever before.

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Connecture has a 15-year history of providing technology-enabled health plan sales automation solutions. In 2013, these solutions were used by plan sponsors, brokers and consumers representing over 20 million lives, or annual shoppers, and facilitated over $130 billion of annual plan premiums.

At the end of June, the customer base included more than 70 health plans, including 20 of the top 25 health plans, based on total enrollment.

The total stockholders’ deficit was $106.1 million at the end of December 2013, compared to a total of $119.4 million in June 2014. For the year ending December 2013, the net loss was $26.4 million compared to the six months ending in June 2014 where net loss was $12.1 million.

FULL IPO FILING

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