J.P. Morgan Chase is buying medical payments technology firm InstaMed to push more deeply into the $3.5 trillion market for U.S. health-care spending.
The bank agreed on Friday to purchase the Philadelphia-based company of about 300 employees that processed $94 billion in transactions last year, according to the two companies.
J.P. Morgan is paying more than $500 million for the business, making it the lender’s largest takeover since buying Bear Stearns and the bank assets of Washington Mutual in 2008, according to people with knowledge of the situation.
