US health insurer Aetna is to acquire insurance exchange technology provider, bswift, for approximately $400 million.
bswift offers software and services that streamline benefits, HR and payroll administration for employers and exchanges in the US.
The acquisition is expected to close before the end of the year and Aetna expects to finance with available resources. bswift will operate as a separate business within Aetna under its existing leadership structure.
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Commenting on the acquisition, Mark T. Bertolini, Aetna chairman, CEO and president said: "bswift’s consumer-friendly technology for benefits shopping and administration is an excellent fit with our proprietary exchange strategy."
He added: "With more employers giving employees their choice of benefits via private exchanges, bswift’s technology platform will provide Aetna with the capability to deliver a new private-exchange offering for employers of all sizes where the focus is on helping people easily choose a plan that’s right for them and their families."
Dijuana Lewis, Aetna’s executive vice president for consumer products and enterprise marketing, said: "Selecting a health plan is an important decision and bswift’s consumer shopping, buying, enrolling and decision-support features will help simplify what can be a confusing experience. This acquisition will help Aetna advance our consumer vision to transform the health benefits industry to a retail model that is consumer-centric, affordable and convenient."
The transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust regulatory approval.
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