Bswift Acquisition, Valuation, Funding & Investors

Bswift was acquired by Francisco Partners for $740M in October 2022.

Bswift acquisition price

$740M

Acquired by Francisco Partners · Oct 2022

Cumulative funding Bswift raised

$51M

across 1 funding round

Key investors in Bswift

  • Great Hill Partners

Bswift Overview

About Bswift

bswift is a Chicago-based provider of cloud-based benefits administration software for health care enrollment and management. Founded in 1996, the platform supports consumer-driven health plans, online enrollment systems, and data analytics for employers. Its technology originated from early web-based CDH plans and a 1999 Microsoft e-commerce competition finalist entry. bswift serves large employers nationwide and was acquired by CVS Health through Aetna in 2018, integrating into broader health services.


Founded

1996

HQ

United StatesChicago, IL

Website

bswift.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$740M (acquired Oct 2022)

Bswift Acquisition

Bswift was acquired by Francisco Partners for $740M on 3 October 2022.

Before the acquisition Bswift had raised $51M across 1 funding round.

bswift, founded in 1996 and based in Chicago, provides cloud-based software and services to streamline benefits and human resources administration, including online enrollment, interactive decision support, ACA compliance reporting, and employee engagement. CVS Health, which acquired bswift via Aetna for $400 million in 2014, sold the company to Francisco Partners, a global investment firm focused on technology businesses, in a deal completed in November 2022 for approximately $740 million. The transaction was announced in October 2022 with an expected close in Q4 2022, subject to customary conditions. Francisco Partners aims to position bswift as a standalone entity to pursue organic and inorganic growth strategies, leveraging its expertise in healthcare and human capital technology markets, including prior carve-outs like IBM Watson Health (now Merative). CVS Health will continue partnering with bswift to provide benefits technology to its employees and clients post-sale. Francisco Partners has invested in over 400 technology companies and sees bswift as a market leader in navigating evolving trends in employee health, wellness, and financial benefits.

Bswift acquisition details
AcquirerDateTypePrice
  • Francisco Partners
3 Oct 2022PE buyout$740M

Bswift Funding History

Bswift has raised a total of $51M across 1 funding round.

Bswift funding rounds

Bswift funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2014Undisclosed stageGreat Hill Partners (lead)$51Mbswift is a Chicago-based leader in cloud-based technology and services for employee benefits, focusing on benefits shopping, enrollment, and administration. On April 2, 2014, it received a minority equity investment of $51 million from Great Hill Partners, a Boston-based private equity firm, funded from Great Hill Equity Partners IV, L.P. The existing leadership team, led by CEO Rich Gallun, planned to use the proceeds to strengthen service and technology offerings, invest in employees, and accelerate growth amid rapid expansion and increasing complexity in the benefits market. Great Hill Partners specializes in growth equity investments of $25-150 million in technology and technology-enabled services companies, managing over $2.7 billion in capital at the time. The investment positioned bswift to solidify its market leadership, with Great Hill providing support for further development. In November 2014, approximately seven months later, bswift was acquired by Aetna for about $400 million, marking a subsequent exit for early investors including Great Hill Partners. Great Hill Partners continued raising subsequent funds, such as $1.1 billion Fund V in 2015, focusing on similar growth strategies.

Who has invested in Bswift?

1 investor has backed Bswift across its funding rounds, including Great Hill Partners.

Lead investors include Great Hill Partners.


Bswift Investors

Investors in Bswift by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Bswift

Bswift has acquired 2 companies to date.

Last acquisition by Bswift was on November 15th 2024. Bswift acquired Evive for undisclosed valuation.


Latest Acquisitions by Bswift

Evive
Davis & Company
Description
Evive is a benefits optimization platform using data analytics to enhance employee engagement with health, wealth, and work-life programs. Denver-headquartered, it serves Fortune 500 clients like Boeing and Hilton by integrating with HR systems to deliver personalized nudges via its EviveOS software. The platform analyzes claims data from over 4 million lives to recommend actions that reduce costs and improve outcomes. Evive partners with insurers such as UnitedHealthcare to deploy machine learning models for predictive guidance.
Davis & Company is a developer of employee communication tools and training programs used by corporations like Nestlé, PepsiCo, and Pfizer in the United States. Based in Wilton, Connecticut, it produces web-based workshops, industry reports, books, and newsletters on topics such as internal messaging, change management, and digital engagement. The firm supports HR and communications teams with customized platforms since 1984.
HQ CountryUnited StatesUnited States
HQ City
Chicago, IL
Montvale, NJ
Deal Date15 Nov 202412 Apr 2024
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Bswift Competitors

Bswift competitors include listed companies like Claritev and B-Soft Co., and private ones like Overjet, Saviynt, Axtria and Tennr.

Public and private companies comparable to Bswift
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
OverjetUnited StatesBoston, MAPrivate--$712M-
SaviyntUnited StatesLos Angeles, CAPrivate$300M-$700M2.3x
AxtriaUnited StatesBerkeley Heights, NJPrivate--$900M-
TennrUnited StatesNew York City, NYPrivate--$605M-
ClaritevUnited StatesUnited StatesPublicly listed$965M$466M$538M5.2x
B-Soft Co.ChinaChinaPublicly listed$157M($37M)$769M4.8x

Bswift Public Comps

Bswift is no longer listed, but its public comps include B-Soft Co., Sphere, Phreesia, Hangzhou Pinming Software, MedicalSystem Technology, Craneware, HealthStream, Weave Communications, RaySearch Labs and Shang Gong Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
B-Soft Co.$157M($37M)4.7x4.8x(20.0x)(20.0x)
Sphere$70M$6M14.3x6.9x156.3x103.0x
Phreesia$481M$27M1.3x1.3x23.2x5.3x
Hangzhou Pinming Software$65M$8M12.5x11.9x100.2x-
MedicalSystem Technology$45M$12M18.9x15.6x70.7x62.9x
Craneware$206M$59M2.8x2.7x9.7x8.7x
HealthStream$304M$63M2.8x2.6x13.2x11.2x
Weave Communications$239M($13M)2.3x2.1x(44.4x)35.9x

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Common questions about Bswift

When was Bswift founded?Bswift was founded in 1996.
Where is Bswift headquartered?Bswift is headquartered in Chicago, IL, United States.
Is Bswift publicly listed?No, Bswift was acquired by Francisco Partners in October 2022.
Who acquired Bswift?Bswift was acquired by Francisco Partners in October 2022.
How much was Bswift acquired for?Bswift was acquired for $740M in October 2022.
How much funding has Bswift raised?Bswift has raised $51M across 1 funding round.
What was Bswift's last funding round?Bswift's last funding round was a $51M undisclosed-stage round in April 2014, led by Great Hill Partners.
Who are Bswift's investors?Bswift's investors include Great Hill Partners.
Which companies are comparable to Bswift?Companies comparable to Bswift include Overjet, Saviynt, Axtria, Tennr, Claritev and B-Soft Co..
How many companies has Bswift acquired?Bswift has acquired 2 companies, including Evive and Davis & Company.

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