Who: US-based HealthPlan Services
What: To be acquired by Wipro for 3150 crore rupees
When: Announced on 11 February 2016
Wipro on 11 February 2016 announced signing of a definitive agreement to acquire HealthPlan Services from Water Street Healthcare Partners.
Wipro will acquire 100 per cent of HealthPlan Services’ shares for a purchase consideration of 460 million US dollars. However, the transaction is subject to customary regulatory approvals and is expected to be completed in the next 60-90 days.
The acquisition will help the country’s third largest software services firm strengthen its position in the U.S. health insurance market.
About HealthPlan Services
• Headquartered in Florida, U.S., HealthPlan was founded in 1970.
• It is a leading independent technology and Business Process as a Service (BPaaS) provider in the U.S. health insurance market.
• It offers technology platforms to health insurance companies. It connects its payer clients to over 40 public exchanges and over 150 private exchanges in the U.S.