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

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 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 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 firms. 

“We’re excited to companion with bswift and assist the workforce proceed to develop its strong know-how 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 by well being, wellness and monetary advantages,” Justin Chen, companion at Francisco Companions, stated 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 property. In June it introduced that it will use these instruments to launch new healthcare information firm Merative, which mixes Watson’s property to bolster new sources for funding, acquisitions, partnerships and development.

Following the current acquisition between Francisco Companions and bswift, CVS will proceed to companion with bswift to supply its advantages know-how to CVS Well being’s workers and shopper 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 know-how and confirmed monitor file in nurturing and rising know-how companies will allow bswift’s loyal base of workers to proceed delivering revolutionary options.”