Wipro completes HealthPlan buyout earlier-than-expected

New Delhi: Country's third largest IT services firm Wipro Tuesday said it has completed its USD 460 million-acquisition of HealthPlan Services earlier than expected.

The intent to acquire HealthPlan Services was announced on February 11, 2016. The move was aimed at strengthening its position in the US health insurance market.

"Wipro Limited today announced that it has completed the acquisition of HealthPlan Services, earlier-than-expected, on February 29, 2016," it said in a statement.

Wipro has acquired HealthPlan Services from Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

Also, Wipro's acquisition of Viteos Group is pending regulatory approvals and is yet to be completed, it said.

"Impact of the developments mentioned above is expected to be reflected in the financials of Wipro Limited for the quarter ending March 31, 2016," it added.

Wipro had said it will acquire the US-based Viteos Group for USD 130 million (nearly Rs 861 crore) to strengthen its position in the capital markets outsourcing space.