M&A Deal Summary

Wipro Acquires HealthPlan Holdings

On February 11, 2016, Wipro acquired information technology company HealthPlan Holdings from Water Street Healthcare Partners and Caltius Structured Capital for 460M USD

Acquisition Highlights
  • This is Wipro’s 6th transaction in the Information Technology sector.
  • This is Wipro’s 3rd largest (disclosed) transaction.
  • This is Wipro’s 5th transaction in the United States.
  • This is Wipro’s 1st transaction in Florida.

M&A Deal Summary
Date 2016-02-11
Target HealthPlan Holdings
Sector Information Technology
Buyer(s) Wipro
Sellers(s) Water Street Healthcare Partners
Caltius Structured Capital
Deal Type Add-on Acquisition
Deal Value 460M USD

Target

HealthPlan Holdings

Tampa, Florida, United States
HealthPlan Holdings, Inc. (HealthPlan Services) is a provider of technology solutions to health insurance and managed care industries.

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Buyer(S) 1

Buyer

Wipro

Bengaluru, India
Category Company
Founded 1945
Sector Information Technology
Employees220,000
Revenue 897.6B INR (2024)
DESCRIPTION

Wipro is a global information technology, consulting, and outsourcing company with 145,000 employees serving over 900 clients in 60 countries. The company helps customers to do business better by leveraging its industry-wide experience, deep technology expertise, comprehensive portfolio of services, and a vertically aligned business model. Wipro was founded in 1945 and is based in Bengaluru, India.

DEAL STATS #
Overall 11 of 27
Sector (Information Technology) 6 of 17
Type (Add-on Acquisition) 8 of 23
State (Florida) 1 of 3
Country (United States) 5 of 15
Year (2016) 1 of 2
Size (of disclosed) 3 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-22 Viteos Group

Somerset, New Jersey, United States

Viteos Group is a provider of customized straight-through-processing and integrates post-trade operations across virtually every asset class, currency, border, or structure for the alternative investment management industry in the United States, Europe and Asia.

Buy $130M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-20 Appirio

San Francisco, California, United States

Appirio, Inc. is a global cloud services company that creates next generation worker and customer experiences. Appirio has worked with more than 300 enterprise customers including organizations like City of Los Angeles, Facebook, Flextronics, Home Depot, International Hotels Group, Japan Post Network, Ltd., L'Oreal, NetApp, NYU, Starbucks, Thomson Reuters and VMware. Appirio's technology-enabled professional services are supported by a team of 400 cloud experts and CloudSpokes, a 35,000+ person-strong global cloud developer community.

Buy $500M

Seller(S) 2

SELLER

Water Street Healthcare Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Water Street is a specialist private equity firm that targets investments in healthcare companies. Specific areas of interest within healthcare include diagnostic devices, medical products, pharmaceutical services, specialty distribution, specialty pharmaceuticals, and specialty services. Water Street targets non-core units of larger corporations and private middle-market companies. Transactions are typically valued between $50 and $500 million. Water Street does not invest in biotechnology, traditional healthcare facilities (hospitals, nursing homes) or early-stage companies without positive cash flow. Water Street was formed in 2005 and is based in Chicago, Illinois.

DEAL STATS #
Overall 20 of 31
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 14 of 19
State (Florida) 1 of 2
Country (United States) 20 of 30
Year (2016) 1 of 2
Size (of disclosed) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-03 Custopharm

Carlsbad, California, United States

Custopharm is a generic injectable drug services company. The company specializes in developing a range of generic injectable products, including those with complex formulations. Custopharm also offers regulatory consulting services to help customers with drafting and filing abbreviated new drug applications (ANDAs). Custopharm was formed in 2005 and is based in Carlsbad, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-14 ELAP

Wayne, Pennsylvania, United States

ELAP provides cost containment for self-insured employer groups by assisting in plan design and establishing limits for payment of medical claims that are based on the providers actual cost to deliver a service, not the heavily inflated billed charges. ELAP was founded in 2003 and is based in Wayne, Pennsylvania.

Buy -
SELLER

Caltius Structured Capital

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1997
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Caltius Structured Capital is an investment firm focused on providing junior debt and minority equity to lower middle-market companies throughout North America. The Firm looks to invest between $7 to $50 million in companies with revenues of $15 to $250 million. The Firm pursues a variety of transaction types, including management buyouts, growth financings, and acquisition financings. Sectors of interest include business services, consumer products/services, healthcare services, manufacturing, tech-enabled services, and staffing. Caltius Structured Capital was formed in 1997 and is based in Los Angeles, California.

DEAL STATS #
Overall 23 of 32
Sector (Information Technology) 2 of 2
Type (Add-on Acquisition) 8 of 10
State (Florida) 1 of 1
Country (United States) 23 of 32
Year (2016) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-01 True Home Value

Mandan, North Dakota, United States

True Home Value, Inc. is a home improvement company, manufactures and installs customized residential replacement windows and offers a range of services including kitchen and bath remodeling, exterior siding, decking, sun rooms, and roofing. The company operates in the Midwestern US through its network of wholly-owned regional subsidiaries, including well-recognized names Leingang Home Centers, Primax Windows, Rolox Companies and Thomas Construction.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-20 GLM Energy Services

Kenai, Alaska, United States

GLM Energy Services is a provider of components, maintenance, and repairs to gas turbines, centrifugal gas compressors, pumps, gearboxes, and generators in the energy industry. GLM specializes in overhaul and parts manufacturing of Solar, GE, and Siemens gas turbines and is a certified GE Distributor and Green Tag repair center providing the highest quality of repair and expertise concerning GE valves. GLM Energy Services is based in Kenai, Alaska.

Buy -
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