VBA, a Germantown firm specializing in cloud-based health benefits software, secured a $156 million private-equity investment led by Spectrum Equity of Boston to fund the suburban Milwaukee firm’s growth.

The sizable capital infusion will enable VBA to meet demand for its core administrative processing, user engagement and reporting solutions, according to a Tuesday press release from Spectrum Equity. Spectrum now holds a majority stake in VBA, a spokeswoman said.

Spectrum Equity is a private equity firm founded in 1994 that’s backed health care information technology companies, including Definitive Healthcare and GoodRx.

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