CVS buys Turbotax for $1.2 billion

Posted February 15, 2018 09:53:52 CVS Health Inc. has bought Turbotak software for $966 million, according to an agreement reported by Reuters.

Turbota is the company behind Turbotox, a virus protection tool.

The acquisition of Turbotay is the first of its kind in the US.

Turbotax, a popular virus prevention tool, had been bought by Citrix Inc. for $3.9 billion in September 2018.

The deal with CVS is the largest of its type in the world.

“The acquisition will enable Turbotaki to provide CVS with critical capabilities and solutions for our customers, including data analytics, security, and fraud prevention,” said Robert P. Shrum, chief executive officer and chief operating officer of CVS.

CVS said in a statement that the deal will “increase our focus on our core business of delivering high-quality, reliable healthcare.”

Turbotix, the first-generation version of Turbodax, has been downloaded more than 70 million times, according the company.

The company said it is developing Turbotaeck with Citrix, the company that is responsible for most of the software for the company’s network.

The purchase is subject to customary closing conditions and regulatory approvals, CVS added.

“Turbotay and Turbotaci are highly integrated products that will enhance CVS’ ability to detect, prevent and respond to complex and evolving threats,” the company said in the statement.

The two companies will work together to build a comprehensive cloud-based data-analytics platform for CVS customers.