IT provider Wipro Limited has agreed to acquire HealthPlan Services from industry investor Water Street Healthcare Partners for $460 million.

HealthPlan originally partnered with Water Street in 2008. Since then, the Tampa, Florida-based company has grown into a key player in the health insurance tech market, providing business process as a service (BPaaS) products to clients and partners. The company now connects its payer clients to more than 40 public exchanges and 150 private exchanges in the U.S.

“We welcome the HealthPlan Services team to the Wipro family. Over the past eighteen months we have transformed our BPS business into a platform-led BPaaS business with a strong focus on the healthcare services market,” said Nagendra Bandaru, SVP and head of business process services at Wipro, in a press release. “This transaction will help us become the leader in administrative service in the U.S. health insurance industry.”

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