Wipro to buy HealthPlan Services for USD460m

Indian IT consulting and outsourcing company Wipro Ltd is paying USD460m to acquire US healthcare firm HealthPlan Services. HealthPlan Services, which offers technology solutions to health insurance firms, will be the fourth acquisition by Wipro since the beginning of the fiscal in April 2015. Wipro, which also operates a number of business process outsourcing (BPO) centers in the Philippines, says the acquisition positions Wipro to participate in the shift of the US health insurance industry towards a consumer-centric business model. The Indian BPO company did not say how it will finance the transaction. The company, however, had USD4.63bn in cash at the end of December. HealthPlan Services was founded in 1970 and recorded a revenue of USD223m 2015.