Aetna (NYSE: AET) is to acquire bswift, a Chicago, IL-based provider of a platform that offers a retail shopping experience for health insurance exchanges and employers nationwide, for approximately $400m.
The transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust regulatory approval. The acquisition is expected to close before the end of the year.
According to Mark T. Bertolini, Aetna chairman, CEO and president, the acquisition will provide the company with the capability to deliver a new private-exchange offering for employers of all sizes.
Led by CEO Rich Gallun, bswift provides software and services to streamline benefits, HR and payroll administration for employers and health insurance exchanges nationwide.
Founded in 2000, the company has approximately 380 employees. Investors included Great Hill Partners, a private equity firm.
bswift will operate as a separate business within Aetna under its existing leadership structure.