[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]W[/dropcap]ipro, Global software major announced buying a healthcare services business in the US for $460 million (Rs.3,150 crore).
The company said that, they have signed an agreement to acquire HealthPlan Services from Water Street Healthcare Partners, a strategic investor, for providing business process as a service in the US health insurance market.
The Florida-based HealthPlan services has been a leading technology and back office provider since partnering with Water Street in 2008. It offers health insurance products through its proprietary technology platform and connects its payer clients to 40 public exchanges and 150 private exchanges across the US and has provided employment to about 2,000 people.
The transaction is aligned with Wipro’s growth levers, which are set to dominate the services market through industry utilities that multiple customers can use.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]”H[/dropcap]ealthPlan strengthens our position in the health insurance exchange market while offering synergies with our presence in the managed medicare and commercial group insurance markets,” Wipro healthcare life sciences and services head Jeffrey Heenan Jalil said in the statement.
By partnering with HealthPlan, Wipro will have first-mover advantage in the high growth public and private exchange space for individual, group and ancillary markets.
The acquisition process is likely to be completed within the next three months.