US-based professional services firm Towers Watson has acquired software-as-a-service (SaaS)-based technology and services provider, Acclaris, for around $140m.
Acclaris offers SaaS-based technology and services for consumer-driven health care and reimbursement accounts, including health savings accounts (HSAs), health reimbursement arrangements (HRAs) and other consumer-directed accounts.
According to Towers Watson, account-based health plans (ABHPs) pair a health insurance plan with a tax-advantaged spending or reimbursement account such as HSA or HRA.
Towers Watson exchange solutions segment managing director Jim Foreman said: "Going forward, Towers Watson and Acclaris will enable clients of any size to offer benefits in new and cost-effective ways.
"Acclaris stands out from the competition for its operational efficiency, and its scalable and configurable SaaS-based technology and service delivery."
Established in 2001, Acclaris provides flexible products, which include integrated technology and services to support account-based benefits on a single platform in a scalable way.
With locations in Kansas of US and India, Acclaris worked with different employers, health plans, banks and third-party administrators through providing technology and services for their account-based benefit offerings.