Key Findings & Highlights:

bswift is a U.S.-headquartered health and welfare administration services provider. It first entered the market as a SaaS provider dedicated to H&W technology in 1999 and steadily grew its service offerings. Today it offers comprehensive outsourcing services dedicated to servicing the North American market.

Until 2014, bswift was a private equity-owned company primarily servicing organizations with <10k employees and focusing on developing its technology solution alongside customer service. In November 2014, bswift became a wholly-owned subsidiary of Aetna, as Aetna was transforming from an insurance company (focused on underwriting risk) to a healthcare company. The transformation was further cemented by the CVS acquisition of Aetna in November 2018, of which bswift, as a subsidiary, was included.

bswift became the benefits administrator for Aetna in 2016 and later, having been acquired by CVS Health, became the administrator for the combined organization. Its benefits administration business was part of the CVS Health “Health Care Benefits” segment. In November 2022, bswift was acquired by Francisco Partners (FP), a privately-held global investment firm that specializes in partnering with healthcare technology and technology-enabled businesses.

In April 2024, bswift acquired Davis & Company, an internal communication firm specializing in helping employers develop engagement strategies. Davis & Company joined bswift’s Communication Agency with the goal of growing its core offering and expanding its communication capabilities by providing comprehensive solutions for internal and HR communication needs, such as change management, M&A, and crisis communication.

In October, bswift acquired Evive Health, a digital communications and engagement platform that helps health plans and employers optimize the benefits, resources, and programs offered to employees. Evive increases benefit awareness, engagement, and utilization via data-driven personalization, closed-loop engagement reporting, predictive analytics, and behavioral science.

bswift is a standalone company with ~1.1k employees, servicing 233 direct client employer groups for health and welfare for ~3m benefit-eligible participants on its platform. bswift also sells its product through a channel partner model, which includes insurance brokers, payroll/HRIS providers, wellness companies, COBRA and Flex administration firms, medical and voluntary insurance carriers, technology consultants, and other providers of outsourced services. Channel partners for H&W total ~42k for ~13m participants. In all, bswift serves ~16m participants for benefits administration across 45k employers on its platform.