Wipro, one of the leading software exporters, announced that to acquire HealthPlan Services from Water Street Healthcare Partners for a consideration of USD 460 million (approx Rs 31.50 billion).

The company said, ''Signed a definitive agreement to acquire HealthPlan Services from Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry for a purchase consideration of USD 460 million.''

Since partnering with Water Street in 2008, HealthPlan has grown to become the leading independent technology and Business Process as a Service (BPaaS) provider in the U.S. Health Insurance market.

Wipro further said, ''This transaction is closely aligned with Wipro's key levers for growth, which are to dominate the services market through industry utilities that multiple customers can use. ''

HealthPlan offers market-leading technology platforms and a fully integrated BPaaS solution to health insurance companies, individuals, group and ancillary markets.

''Wipro gains the competitive, first-mover advantage in the high growth public and private exchange space for individual, group and ancillary markets. This partnership also strengthens Wipro's payer portfolio, with access to HealthPlan Services' payer clientele," it added.

Jeffrey Heenan Jalil, Senior Vice President & Head-Healthcare Life Sciences and Services, Wipro said, ''This is a strategic move for us, as it advances Wipro's vision of leveraging unique insights into customer buying behavior and applying this across the healthcare value chain. This will help us lower the cost of healthcare and transform the quality of the member experience.''

However, the transaction is subject to customary closing conditions and regulatory approvals and is likely to be completed in next 60 to 90 days.

Shares of the company declined Rs 16.2, or 3.04%, to settle at Rs 516.10. The total volume of shares traded was 45,384 at the BSE (Thursday).