Wipro has signed a definitive agreement to acquire 100 percent stake in Healthplan Services from Water Street Healthcare Partners for USD 460 million. This marks the fourth acquisition by Wipro in the last one year. It is the IT major’s largest acquisition in last five years.

HealthPlan Services employs over 2,000 and offers market-leading technology platforms and fully-integrated business process as a service (BPaaS) solution to health insurance companies. Since partnering with Water Street in 2008, HealthPlan has grown to become the leading independent technology and BPaaS provider in the US health insurance market. HealthPlan Services provides US payers with a diversified portfolio of health insurance products delivered through its proprietary technology platform. Health insurance is an important part of America, there are so many different plans available, from family insurance to catholic healthcare so there is a diverse platform for a variety of needs. It is important that individuals and families pick the correct insurance plan for their requirements, helping them support their health journey.

Wipro’s clients currently include over 100 US payers, leading healthcare providers, and public health agencies,” Wipro said in a press release. HealthPlan Services strengthens Wipro’s position in the health insurance exchange market while offering synergies with Wipro’s presence in the Managed Medicare and Commercial Group Insurance markets.

The addition of HealthPlan Services’ capabilities complements Wipro’s strengths in claims processing and back office services. This transaction is subject to customary closing conditions and regulatory approvals and is likely to be completed in next 60 to 90 days.