Technology-focused buyout house Francisco Partners has agreed to carve out HR administration platform bswift from CVS Health.
Founded in 1996, bswift provides software and services that streamline benefits and human resources administration through a cloud-based technology platform. It helps customers and employers simplify administration, manage employee benefits, reduce administrative costs and connect employees with resources needed to achieve their health ambitions.
CVS Health and its affiliate Aetna will remain customers of bswift.
The acquisition is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions.
Kirkland & Ellis LLP served as legal advisor and Wells Fargo Securities, LLC served as financial advisor to Francisco Partners.
