Saturday, Apr 27 2024 | Time 01:12 Hrs(IST)
image
Business EconomyPosted at: Feb 11 2016 5:24PM


Wipro to acquire HealthPlan Services for USD 460 Million

Bengaluru, Feb 11 (UNI) Wipro Limited, a leading global IT company
today announced that it has signed a definitive agreement to acquire
HealthPlan Services from Water Street Healthcare Partners, a
strategic investor focused exclusively on the health care industry.
As part of the agreement, Wipro will acquire HealthPlan Services’
shares for a purchase consideration of USD 460 million, according to
a release here.
Headquartered in Tampa, Florida, HealthPlan Services provides U.S.
payers with a diversified portfolio of health insurance products
delivered through its proprietary technology platform.
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, with
access to HealthPlan Services’ payer clientele.
This acquisition adds another platform-led Business Process as a
Service (BPaaS) offerings, delivered on cloud to Wipro’s services
portfolio. Wipro’s clients currently include over 100 U.S. payers,
leading healthcare providers, and public health agencies.
''The partnership with HealthPlan Services positions Wipro to
participate in the shift of the US health insurance industry towards
a consumer-centric business model. HealthPlan Services strengthens
Wipro’s position in the health insurance exchange market while
offering synergies with Wipro’s presence in the Managed Medicare and
Commercial Group Insurance markets'' said Jeffrey Heenan Jalil,
Senior Vice President & Head- Healthcare Life Sciences and Services,
Wipro Limited.
''This transaction will help us become the leader in
administrative service in the U.S. health insurance industry,''
said Nagendra Bandaru, Senior Vice President and Head-Business
Process Services, Wipro Limited.
This transaction is subject to customary closing conditions and
regulatory approvals and is likely to be completed in next 60 to 90
days, the release added.
UNI MSP KVV ADB1722
Please log in to get detailed story.
Tags: #Wipro to acquire HealthPlan Services for USD 460 Million
More News
Sensex nosedives 609 28 pts

Sensex nosedives 609 28 pts

26 Apr 2024 | 5:26 PM

Mumbai, April 26 (UNI) Snapping a winning streak of last five sessions, the BSE Sensex on Friday, the last session of the week, tanked 609.28 pts to settle at 73730.16 amid mixed global cues.

see more..
Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

26 Apr 2024 | 5:00 PM

New Delhi, April 26 (UNI) On the back of solid volume growth, the country's largest carmaker Maruti Suzuki on Friday reported 47.80% jump in standalone net profit at Rs 3,877.8 crore for January-March period (Q4) of financial year 2023-24.

see more..

Shriram Finance net jumps 57 pc to Rs 2,021 cr in Q4

26 Apr 2024 | 3:52 PM

New Delhi, April 26 (UNI) Shriram Finance on Friday reported 56.91% year-on-year jump in consolidated net profit at Rs 2,021.28 crore for the January-March period (Q4) of financial year 2023-24.

see more..
Maruti Suzuki gets show-cause notice from Legal Metrology dept

Maruti Suzuki gets show-cause notice from Legal Metrology dept

26 Apr 2024 | 2:39 PM

New Delhi, April 26 (UNI) The country's leading carmaker Maruti Suzuki India on Friday said that it has received a show-cause notice from the Legal Metrology office in Rishikesh, Uttarakhand.

see more..

Onkar Kanwar gets Lifetime Achievement Award

26 Apr 2024 | 2:08 PM

Kochi, April 26 (UNI) Chairman of Apollo Tyres Ltd, Onkar Kanwar, has been conferred with the Lifetime Achievement Award at the All India Management Association (AIMA)’s Managing India Awards ceremony.

see more..
image