Towers Watson (TW), a global professional services company, has purchased Liazon Corporation, to boost its position in the private exchange market through its OneExchange solution, in a $215m worth transaction.

Towers Watson will remain improving Liazon’s private exchange solution and serve the requirements of Liazon’s leading broker, consultant and carrier partners, some of which offer the Liazon product under their own brands.

Furthermore, Towers Watson will also continue to provide its OneExchange solution, which mainly serves larger employers.

Towers Watson CEO John Haley said, "Liazon has built a growing business by offering customized private exchange approaches through an extensive network of partners."

"As more employers evaluate private exchanges, bringing Liazon into the Towers Watson family will help us — and Liazon’s distribution partners — offer employers scalable, cost-effective and high-performing benefit plans to their employees."

Liazon solutions together with the OneExchange will enable companies of all sizes to deliver self- and fully insured benefits to both employees as well as pre- and post-65 retirees in new and cost-effective ways.

Currently, Liazon’s online benefit marketplaces are distributed through more than 400 insurance brokers, including nine of the top 10 national firms, either under the Bright Choices brand or as a third-party proprietary exchange.

Under the terms of the agreement, Liazon co-founder and CEO, Ashok Subramanian, will join the leadership team of Towers Watson’s Exchange Solutions segment, while Bryce Williams will continue to lead the overall segment.

Cadwalader, Wickersham & Taft served as legal advisor to Towers Watson, while Lowenstein Sandler acted as legal advisor to Liazon Corporation.