Aetna announced Monday that it has entered into an agreement to acquire private health insurance exchange operator bswift for $400 million.

Bswift, a Chicago-based benefits administration provider, launched its Springboard Marketplace private health care exchange in February 2014. “From the very beginning, our goal has been to use technology and information to simplify the administration of health care benefits, reduce costs and empower consumers, and the development of Springboard Marketplace is an extension of that strategy,” said bswift CEO Rich Gallun at the time.

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