CVS Health is selling benefits administration platform Bswift. Francisco Partners, a tech investment firm, said Oct. 3 it will acquire the company.
Bswift, founded in 1996, was acquired by Aetna in 2014, which was later acquired by CVS in 2017.
Bswift will continue to provide benefits technology to CVS Health's employees and client base.
"CVS Health and Aetna remain committed to Bswift and to the clients, partners and members we support in benefits administration," Mark Santos, vice president of diversified commercial solutions for Aetna, said in a news release.
According to the release from Francisco Partners, the financial terms of the acquisition have not been disclosed. The acquisition is expected to close in the fourth quarter of 2022.
"[Francisco Partners'] deep expertise in technology and proven track record in nurturing and growing technology businesses will enable Bswift's loyal base of employees to continue delivering innovative solutions," Mr. Santos said