Towers Watson acquires Florida-based Acclaris
Arlington-based professional services company Towers Watson has acquired Florida-based Acclaris for $140 million.
Acclaris provides technology and services for consumer-driven health-care and reimbursement accounts.
The company’s 2015 revenues are expected to be approximately $35 million.
Towers Watson said the deal will enhance its position as a benefits administration and exchange provider.
With 15,000 employees worldwide, Towers Watson offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management.
Virginia Business ranked the company in March as the 28th largest publicly traded company in the commonwealth.
Founded in 2001, Acclaris’ technology and services support account-based benefits on a single platform. Account-based health plans pair health insurance with tax-advantaged spending or reimbursement account, such as health savings accounts (HSAs) and health reimbursement arrangements (HRAs).
Acclaris supports 1.4 million accounts (as of March), including HRA, HSA, flexible-spending, commuter and custom-reimbursement accounts.
Towers Watson said its research shows that employers’ use of these plans is growing rapidly. About 50 percent of companies could offer account-based health plans as their only option by 2017 — up from about 20 percent in 2015.
Acclaris is headquartered in Tampa, Fla., with locations in Kansas and India.
The acquisition is anticipated to have no impact on Towers Watson’s investor guidance in fiscal year 2015.
Cadwalader, Wickersham & Taft LLP acted as legal adviser to Towers Watson. Cooley LLP acted as legal adviser to Acclaris.