Spectrum Equity, a private equity firm, led the $156m round in VBA, a software company, with participation from Arthur Ventures, an early growth capital firm. “At a time when increasing complexity of plan administration is straining current legacy systems, payers are turning to VBA to help them solve major challenges, from optimizing workflows to responding to customer needs. We are delighted to bring on Spectrum Equity as a partner. Their success scaling other healthcare technology and enterprise software companies will be an asset to us as VBA enters its next phase of growth,” Michael Clayton, VBA President and CEO.