Chicago-Based Bswift to Be Acquired by Francisco Partners
Health insurance can be a tricky benefit to manage. There is an excess of benefits and options that make it hard for employees to know what’s covered by plans and what isn’t. Bswift, a health insurance software company, was founded to alleviate those headaches. After successfully raising venture capital and a previous acquisition, bswift will soon be under new ownership.
Bswift was founded in Chicago back in 1996 and helps employers and employees better understand their insurance benefits. The company also works to reduce insurance administration costs and connects employees to health resources.
On Monday, Bay Area tech investment firm Francisco Partners announced that it signed an agreement to acquire bswift from CVS Health.
“We are excited to partner with bswift and help the team continue to grow its robust technology and service offerings across benefits and healthcare. Bswift is uniquely positioned as a market leader to help employers navigate the evolving industry trends and opportunities to holistically engage employees through health, wellness and financial benefits,” Justin Chen, a partner at Francisco Partners, said in a statement.
According to Francisco Partners, it has invested in over 400 tech companies including many in the healthcare industry.
Up until 2014, bswift was a privately held company and had raised $51 million in venture funding, according to Crunchbase. In November of 2014, the company was acquired for $400 million by Aetna. Then, in 2018, Aetna merged with CVS Health bringing bswift along with it.
Bswift will still provide its software to CVS Health and Aetna after the acquisition with Francisco Partners closes, according to a statement. Financial terms of the latest acquisition were not disclosed.