M&A Deal Summary

Francisco Partners Acquires bswift

On October 3, 2022, private equity firm Francisco Partners acquired internet software and services company bswift from CVS Health

Acquisition Highlights
  • This is Francisco Partners’ 26th transaction in the Internet Software and Services sector.
  • This is Francisco Partners’ 119th transaction in the United States.
  • This is Francisco Partners’ 4th transaction in Illinois.

M&A Deal Summary

Date 2022-10-03
Target bswift
Sector Internet Software and Services
Buyer(s) Francisco Partners
Sellers(s) CVS Health
Deal Type Divestiture

Target

bswift

Chicago, Illinois, United States
bswift offers software and services that streamline benefits, HR and payroll administration for employers and public and private exchanges nationwide. bswift’s state-of-the-art cloud-based technology and outsourcing solutions significantly reduce administrative costs and time-consuming paperwork, making life easier for administrators and millions of consumers who enroll in benefits with bswift. bswift was founded in 2000 and is based in Chicago, Illinois.

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Buyer(S) 1

Buyer

Francisco Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 45.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Francisco Partners' headquarters in San Francisco, California.
Francisco Partners' headquarters in San Francisco, California.

Francisco Partners is a private equity firm focused exclusively on investments in technology and technology-enabled services. Specific areas of interest include semiconductors, capital equipment, electronics components, systems and manufacturing, IT services and business process outsourcing, communications, security and enterprise applications, and infrastructure software. Prospective investment situations include divisional buyouts, growth equity financings, acquisitions of private companies, sponsored mergers and acquisitions, and take-privates. Francisco Partners looks for opportunities where it can commit a minimum of $100 million per investment. Francisco Partners was formed in 1999 and is based in San Francisco, California.


DEAL STATS #
Overall 143 of 160
Sector: Internet Software and Services M&A 26 of 31
Type: Divestiture M&A Deals 28 of 31
State: Illinois M&A 4 of 4
Country: United States M&A 119 of 134
Year: 2022 M&A 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-08 ZenGRC

San Francisco, California, United States

ZenGRC provides a first-of-its-kind approach to IT risk management that ties an organization’s risk directly to its business strategy. The fully integrated and automated Reciprocity ROAR™ Platform empowers security executives to communicate the direct impact of risk on high-priority business initiatives to key stakeholders, helping them make smarter, more informed decisions. With ZenGRC, InfoSec teams can strategically support their organization and foster company growth by optimizing resources and mitigating expensive data breaches, system failures, lost opportunities, and vulnerabilities with their customers’ data. ZenGRC is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-09 Glorious

Austin, Texas, United States

Glorious a lifestyle PC gaming hardware brand specializing in high-performance PC gaming peripherals including mice, custom mechanical keyboards, mouse pads, and other accessories. Glorious was founded in 2014 and is based in Austin, Texas.

Buy -

Seller(S) 1

SELLER

CVS Health

Woonsocket, Rhode Island, United States

Category Company
Founded 1996
Sector Healthcare Services
Employees219,000
Revenue 372.8B USD (2024)
DESCRIPTION
CVS Health office in Buffalo Grove, Illinois.
CVS Health office in Buffalo Grove, Illinois.

CVS Health operates retail pharmacies, and walk-in medical clinics, and is a pharmacy benefits manager. The Company enables people, businesses, and communities to manage health in a variety of ways. CVS Health advises patients on medications at CVS/pharmacy locations, helps clients control costs at CVS/caremark, and delivers care through CVS/specialty and CVS/minuteclinic. CVS Health was founded in 1996 and is based in Woonsocket, Rhode Island.


DEAL STATS #
Overall 5 of 6
Sector: Internet Software and Services M&A 1 of 1
Type: Divestiture M&A Deals 5 of 6
State: Illinois M&A 2 of 2
Country: United States M&A 5 of 6
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-05 Signify Health

Dallas, Texas, United States

Signify Health is a provider of in-home, technology-enabled healthcare services, partnering with health plans, pharma, and other risk-bearing organizations on its mission to improve quality of life by providing comprehensive care. Signify Health was founded in 2017 and is based in Dallas, Texas.

Buy $8.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-08 Oak Street Health

Chicago, Illinois, United States

Oak Street Health is a growing and innovative population health business operating primary care clinic focused on Medicare beneficiaries. Oak Street Health was founded in 2012 and is headquartered in Chicago, Illinois.

Buy $1.1B