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

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International funding agency Francisco Companions, which companions with know-how companies, introduced that it has signed a definitive settlement to accumulate bswift from CVS Well being for an undisclosed quantity.

The acquisition is anticipated to shut within the fourth quarter, topic to the satisfaction of ordinary 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 know-how platform. Particularly, it pursues simplifying administration, lowering 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 know-how corporations. 

“We’re excited to associate with bswift and assist the workforce proceed to develop its sturdy know-how and repair choices throughout advantages and healthcare. bswift is uniquely positioned as a market chief to assist employers navigate the evolving trade tendencies and alternatives to holistically interact workers by means of well being, wellness and monetary advantages,” Justin Chen, associate at Francisco Companions, mentioned in a press release.

THE LARGER TREND

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

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

Following the current acquisition between Francisco Companions and bswift, CVS will proceed to associate with bswift to offer its advantages know-how 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 industrial options at Aetna, mentioned in a press release.

“FP’s deep experience in know-how and confirmed monitor document in nurturing and rising know-how companies will allow bswift’s loyal base of workers to proceed delivering revolutionary options.”



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