The health benefit management company Extend Health Inc. plans to raise about $75 million with an initial public offering of stock, according to a Securities and Exchange Commission statement.

As reported in the Associated Press, the company operates a private exchange where retirees can buy Medicare-related coverage.

According to the AP Extend Health said it receives most of its revenue from Medicare supplement, Medicare Advantage and Medicare Part D prescription drug plans.

With the company’s ExtendRetiree product, they enable employers to switch retirees from group-based, defined benefit health plans to individual, defined contribution health plans.

According to the filling, the company’s clients include more than 30 Fortune 500 companies.

The health benefit management company earned $2 million in last year's third quarter, before making a payment for preferred stockholder dividends, on $15.8 million in revenue.

While the company did not say how many shares it plans to offer or the price range in the filing, they will use offering proceeds to repay a loan with Silicon Valley Bank and plans to expand sales and marketing and may use some proceeds to acquire businesses, products, services or technologies, reported the AP.