December 1, 2022

Photo courtesy of CVS Health

CVS Health will officially be selling bswift, a provider of benefits technology and services, to Francisco Partners, a global investment firm that specializes in partnering with technology businesses.

Financial terms of the transaction have not been disclosed, though the acquisition is expected to close in the fourth quarter.

Founded in 1996, bswift is a provider of software and services that purport to streamline benefits and human resources administration, offering a cloud-based technology platform. The company said it combines its expertise in technology innovation with strong customer service and a consumer-driven approach.

The company’s technology attempts to help its partners and employers simplify administration, manage employee benefits, reduce administrative costs, and connect employees with various resources.

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 more than 400 technology companies. Most of its experience has been in the healthcare and human capital technology market.

Francisco Partners also has extensive experience partnering with corporations to execute divisional carve-outs with transactions such as IBM’s Watson Health business (now Merative) and Discovery Inc.’s Discovery Education business.

“We appreciate CVS Health’s work in growing this business and are confident that our partnership will help bswift drive crucial focus in executing on organic and inorganic growth strategies,” said Anders Mikkelsen, vice president at Francisco Partners.


CVS Health may be selling off bswift, but it’s also making acquisitions as well. Its latest was Signify Health, an acquisition that saw CVS beat out other potential suitors including Amazon and UnitedHealth Group.

CVS has entered a definitive agreement to acquire Signify Health for $30.50 per share in cash, representing a total transaction value of approximately $8 billion. Signify was reportedly for sale by auction, with board members holding a meeting on Labor Day to discuss the bids.

CVS Health, which acquired Aetna in 2018, has been expanding into the provider space through Minute Clinics and health screenings. Home health is projected to grow due to an aging population and models for home care that expanded during the pandemic.

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