Global investment firm Francisco Partners, which partners with technology companies, announced that it has signed a definitive agreement to acquire bswift from CVS Health for an undisclosed amount.
The acquisition is expected to close in the fourth quarter, subject to the satisfaction of standard closing conditions.
bswift was founded in 1996 and has been providing software and services to help streamline benefits and HR administration through a cloud-based technology platform. Specifically, it aims to simplify administration, reduce administrative costs, connect employees to healthcare resources, and manage employee benefits.
Francisco Partners has a history of investing in healthcare and technology companies with holdings in over 400 technology companies.
“We are thrilled to partner with bswift and help the team continue to grow their robust technology and service offerings in the areas of benefits and healthcare. bswift is uniquely positioned as a market leader in helping employers navigate evolving industry trends and opportunities to holistically engage employees through health, wellness benefits. being and financial,” Justin Chen, a partner at Francisco Partners, said in a statement.
THE GREAT TREND
Chicago-based bswift was purchased by CVS Aetna in 2014 in the amount of 400 million dollars, before The $69 billion deal between CVS Health and Aetna in 2018.
In January, Private equity firm Francisco Partners announced its intention to buy IBM Watson health analytics assets. In June, he announced that he would use these tools to launch a new healthcare data company. Merativewhich combines Watson’s assets to strengthen new resources for investment, acquisitions, partnerships and growth.
Following the recent acquisition between Francisco Partners and bswift, CVS will continue to partner with bswift to provide its benefits technology to CVS Health employees and customers.
“CVS Health and Aetna remain committed to bswift and the customers, partners and members we support in the administration of employee benefits,” Mark Santos, vice president of diversified business solutions at Aetna, said in a statement.
“FP’s deep technology expertise and proven track record in developing and growing technology companies will enable bswift’s loyal employee base to continue to deliver innovative solutions.”