Technology investment firm Francisco Partners has agreed to acquire benefits technology company Bswift from CVS Health for an undisclosed amount.
Bswift is a software provider that works to automate benefits and human resources processes through a cloud-based platform. The company will continue to partner with CVS Health and Aetna, according to an Oct. 3 Francisco Partners news release.
The acquisition is expected to close in the fourth quarter of 2022.
"We are excited to partner with bswift and help the team continue to grow its robust technology and service offerings across benefits and healthcare," Justin Chen, partner at Francisco Partners, said. "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."