Wipro buys HealthPlan for Rs.3,150 crore

The purchase is in line with the company’s “string of pearls” acquisition strategy

Wipro on Thursday said it will acquire HealthPlan Services for $460 million (about Rs.3,150 crore), a move that will help the country’s third—largest software services firm strengthen its position in the U.S. health insurance market.

Wipro to acquire HealthPlan Services from Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, the Indian software major said. As part of the agreement, Wipro will acquire 100 per cent of HealthPlan Services’ shares for a purchase consideration of $460 million, according to a company statement. Headquartered in Florida, U.S., HealthPlan is a leading independent technology and Business Process as a Service (BPaaS) provider in the U.S. health insurance market.

HealthPlan Services employs over 2,000 associates. It offers technology platforms to health insurance companies (payers). It connects its payer clients to over 40 public exchanges and over 150 private exchanges in the U.S.

“By partnering with HealthPlan Services, Wipro gains the competitive, first-mover advantage in the high growth public and private exchange space for individual, group and ancillary markets.