- Wells Fargo Securities was financial advisor to Francisco Partners while Goldman Sachs did likewise for CVS Health
- Bswift was founded in 1996
- Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies
Francisco Partners has agreed to acquire Chicago-based bswift, a provider of benefits technology and services, from CVS Health. No financial terms were disclosed.
The acquisition is expected to close in the fourth quarter of 2022.
Kirkland & Ellis LLP served as legal advisor to Francisco Partners while Wells Fargo Securities, LLC served as financial advisor. CVS Health engaged Fried, Frank, Harris, Shriver & Jacobson LLP and Dechert LLP as legal counsel and Goldman Sachs as exclusive financial advisor.
Bswift was founded in 1996.
bswift will continue to partner with CVS Health and Aetna, a CVS Health company, to provide benefits technology to its employees and client base.
Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies.
Justin Chen, a partner at Francisco Partners, said in a statement, “We are excited to partner with bswift and help the team continue to grow its robust technology and service offerings across benefits and healthcare. 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.”
Francisco Partners has about $45 billion in capital raised to date.