Wednesday, October 15, 2008

Canopy Financial Buys CareGain

San Francisco-based Canopy Financial, a provider of technology for the healthcare market and HSA administration, said Wednesday that it has acquired CareGain Inc. from Fiserve. Financial terms of the deal were not disclosed. CareGain is a provider of healthcare account administration and management software used by health plans. Fiserve will retain its healthcare banking products for its financial institution clients. Canopy develops a electronic payment and administration product used for managing Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs). Canopy Financial was advised by FT Partners in the transaction.