US-based Aetna has signed an agreement to acquire insurance exchange technology provider, bswift, for around $400m.
Based in Chicago, bswift’s technology platform offers a retail shopping experience for health insurance exchanges and employers in the US.
The company also provides benefits administration technology and services to employers.
Aetna chairman, CEO and president Mark Bertolini said: "bswift’s consumer-friendly technology for benefits shopping and administration is an excellent fit with our proprietary exchange strategy.
"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."
Established in 2000, bswift handles public, private and broker exchanges, and serves employer groups of all sizes.
bswift provides software and services that streamline benefits, HR and payroll administration for employers and exchanges across the country.
The firm’s technology platform includes buying assistance and education features, as well as an "Ask Emma" interactive decision support tool.
bswift CEO Rich Gallun said: "We at bswift are thrilled to become a part of Aetna at such a pivotal time in the transformation of the health care system.
"Together, bswift and Aetna can contribute to more affordable health care by engaging, educating and empowering consumers to make value-based decisions."
bswift will continue to operate as a separate business within Aetna, under its current leadership.
Subject to customary closing conditions, the transaction is expected to be completed by the end of the year.
Image: Aetna to acquire insurance exchange technology provider, bswift. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.