Webster to buy cloud-based HSA platform

Webster Financial in Stamford, Conn., has agreed to buy Bend Financial, a cloud-based platform tied to health savings accounts. 

The $65 billion-asset Webster said in a press release Wednesday that it plans to complete the acquisition by the end of March. Webster did not disclose the price it will pay for the Boston company, which helps employers and individuals manage and track their HSAs. 

"This acquisition demonstrates Webster's commitment to enhance HSA Bank's client experience through strategic technology investments," John R. Ciulla, Webster’s president and CEO, said in the release.

Bend, which was founded in 2017, will continue to operate and serve its clients as it does today. Over time its platform will be expanded to include HSA Bank consumers. 

Webster has made a big push into HSAs in recent years, buying JPMorgan Chase’s business in 2015. 

Webster also bought Sterling Bancorp in Pearl River, N.Y., earlier this month. 

Wachtell, Lipton, Rosen & Katz advised Webster on the Bend acquisition.