Wipro, on Thursday said it will acquire US-based HealthPlan Services for $460 million (about Rs 3,200 crore).
Wipro said it signed a definitive agreement to fully acquire Tampa, Florida-headquartered company from Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.
As part of the agreement, Wipro will acquire 100 per cent of HealthPlan Services’ shares for a purchase consideration of $460 million, it added.
“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. This partnership also strengthens Wipro’s payer portfolio,” Wipro said in a statement.
“The addition of HealthPlan Services’ capabilities complements Wipro’s strengths in claims processing and back office services. This is a strategic move for us, as it advances Wipro’s vision of leveraging unique insights into customer-buying behaviour and applying this across the healthcare value chain. This will help us lower the cost of healthcare and transform the quality of the member experience,” said Jeffrey Heenan Jalil, senior vice-president and head, healthcare life sciences and services, Wipro.
This is Wipro’s fourth acquisition in the last six months and is part of the company’s traditional “string of pearls” acquisition strategy. Over the past six months, Wipro has been on an acquisition spree and has bought at least three other companies — Denmark-based Designit for 85 million euros, German IT consulting firm Cellent AG for 73.5 million euros and US-based Viteos Group for $130 million.
This transaction, subject to customary closing conditions and regulatory approvals, is likely to be completed in next 60 to 90 days.
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