<p> Wipro today said it will acquire HealthPlan Services for USD 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 US health insurance market.<br /><br /></p>.<p>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 in a statement.<br /><br />As part of the agreement, Wipro will acquire 100 per cent of HealthPlan Services' shares for a purchase consideration of USD 460 million, it added.<br /><br />Headquartered in Florida, US, HealthPlan is a leading independent technology and Business Process as a Service (BPaaS) provider in the US health insurance market.<br /><br />HealthPlan Services employs over 2,000 associates. It offers technology platforms to health insurance companies (payers) in the individual, group and ancillary markets.<br /><br />It connects its payer clients to over 40 public exchanges and over 150 private exchanges in the US.<br /><br />"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.<br /><br />Wipro's clients currently include over 100 US payers, healthcare providers, and public health agencies, it added.<br /><br />The Patient Protection and Affordable Care Act has dramatically altered the health insurance landscape in the US.<br /><br />The post-reform individual market is growing at a fast pace and is expected to continue to grow in coming years.<br /><br />"The partnership with HealthPlan Services positions Wipro to participate in the shift of the US health insurance industry towards a consumer-centric business model," Wipro Senior Vice President and Head - Healthcare Life Sciences and Services, Jeffrey Heenan Jalil said.<br /><br />The acquisition strengthens Wipro's position in the health insurance exchange market while offering synergies with its presence in the managed medicare and commercial group insurance markets, he added.<br /><br />The addition also complements Wipro in claims processing and back office services.<br />"This is a strategic move for us... This will help us lower the cost of healthcare and transform the quality of the member experience," he said.<br /><br />This transaction, subject to customary closing conditions and regulatory approvals, is likely to be completed in next 60 to 90 days.<br /><br />Finance solutions accounted for 26.2 per cent of Wipro's revenues in the October-December 2015 quarter, while healthcare, life sciences and services contributed 12 per cent.<br /><br />The purchase is in line with the company's "string of pearls" acquisition strategy. In December last year, it acquired two companies -- Cellent of Germany for USD 77 million and US-based Viteos Group for USD 130 million.</p>
<p> Wipro today said it will acquire HealthPlan Services for USD 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 US health insurance market.<br /><br /></p>.<p>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 in a statement.<br /><br />As part of the agreement, Wipro will acquire 100 per cent of HealthPlan Services' shares for a purchase consideration of USD 460 million, it added.<br /><br />Headquartered in Florida, US, HealthPlan is a leading independent technology and Business Process as a Service (BPaaS) provider in the US health insurance market.<br /><br />HealthPlan Services employs over 2,000 associates. It offers technology platforms to health insurance companies (payers) in the individual, group and ancillary markets.<br /><br />It connects its payer clients to over 40 public exchanges and over 150 private exchanges in the US.<br /><br />"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.<br /><br />Wipro's clients currently include over 100 US payers, healthcare providers, and public health agencies, it added.<br /><br />The Patient Protection and Affordable Care Act has dramatically altered the health insurance landscape in the US.<br /><br />The post-reform individual market is growing at a fast pace and is expected to continue to grow in coming years.<br /><br />"The partnership with HealthPlan Services positions Wipro to participate in the shift of the US health insurance industry towards a consumer-centric business model," Wipro Senior Vice President and Head - Healthcare Life Sciences and Services, Jeffrey Heenan Jalil said.<br /><br />The acquisition strengthens Wipro's position in the health insurance exchange market while offering synergies with its presence in the managed medicare and commercial group insurance markets, he added.<br /><br />The addition also complements Wipro in claims processing and back office services.<br />"This is a strategic move for us... This will help us lower the cost of healthcare and transform the quality of the member experience," he said.<br /><br />This transaction, subject to customary closing conditions and regulatory approvals, is likely to be completed in next 60 to 90 days.<br /><br />Finance solutions accounted for 26.2 per cent of Wipro's revenues in the October-December 2015 quarter, while healthcare, life sciences and services contributed 12 per cent.<br /><br />The purchase is in line with the company's "string of pearls" acquisition strategy. In December last year, it acquired two companies -- Cellent of Germany for USD 77 million and US-based Viteos Group for USD 130 million.</p>