CVS Well being indicators definitive settlement to promote bswift to Francisco Companions

World funding agency Francisco Companions, which companions with expertise companies, introduced that it has signed a definitive settlement to amass bswift from CVS Well being for an undisclosed quantity.

The acquisition is predicted to shut within the fourth quarter, topic to the satisfaction of normal closing situations.

bswift was based in 1996, and has since supplied software program and providers to assist streamline advantages and human sources administration by way of a cloud-based expertise platform. Particularly, it pursues simplifying administration, decreasing administrative prices, connecting workers with well being sources and managing worker advantages. 

Francisco Companions has a historical past of investing in healthcare and technology-based companies with stake in over 400 expertise corporations. 

“We’re excited to companion with bswift and assist the workforce proceed to develop its sturdy expertise and repair choices throughout advantages and healthcare. bswift is uniquely positioned as a market chief to assist employers navigate the evolving trade traits and alternatives to holistically have interaction workers via well being, wellness and monetary advantages,” Justin Chen, companion at Francisco Companions, stated in a press release.

THE LARGER TREND

Chicago-based bswift was purchased by CVS company Aetna in 2014 to the tune of $400 million, earlier than CVS Health and Aetna’s $69 billion deal in 2018.

In January, Non-public fairness agency Francisco Companions announced plans to purchase IBM Watson’s well being analytics belongings. In June it introduced that it will use these instruments to launch new healthcare information firm Merative, which mixes Watson’s belongings to bolster new sources for funding, acquisitions, partnerships and progress.

Following the latest acquisition between Francisco Companions and bswift, CVS will proceed to companion with bswift to supply its advantages expertise to CVS Well being’s workers and consumer base.

“CVS Well being and Aetna stay dedicated to bswift and to the purchasers, companions and members we help in advantages administration,” Mark Santos, vp of diversified business options at Aetna, stated in a press release.

“FP’s deep experience in expertise and confirmed observe file in nurturing and rising expertise companies will allow bswift’s loyal base of workers to proceed delivering revolutionary options.”

Source

Leave a Reply