Towers Watson buys health plan technology firm
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Towers Watson & Co. has acquired Acclaris, a Tampa, Florida-based software provider for accounts, such as health savings accounts and health reimbursement arrangements, linked to consumer-driven health plans.
The purchase price was $140 million, Towers Watson disclosed Monday.
Founded in 2001, Acclaris, which has more than 600 employees and expects 2015 revenues to be about $35 million, says its products support 1.4 million accounts, which also include flexible spending accounts.
“Going forward, Towers Watson and Acclaris will enable clients of any size to offer benefits in new and effective ways,” Jim Foreman, Towers Watson's managing director of exchange solutions in Stamford, Connecticut, said in a statement.
“We believe this combination will allow us to offer the end-to-end process for both traditional benefits administration and private benefits exchange solutions, and to deliver a seamless experience for our employer-clients, an exceptional experience for consumers and high-quality customer support for both,” Mr. Foreman added.
Acclaris will continue to be based in Tampa and will operate as a separate line of business within Towers Watson's exchange unit. It will keep its name for the foreseeable future, and all employees will be retained, a Towers Watson spokeswoman said.
The purchase of Acclaris is Towers Watson's second major acquisition in about a year and half. In November 2013, Towers Watson purchased Liazon Corp., a Buffalo, New York-based operator of a private health insurance exchange, for $215 million.
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