Financial firm J.P. Morgan Chase announced Friday it’s acquiring Philadelphia-based healthcare payment company InstaMed for a reported $500 million.

InstaMed, an electronic payment company that aims to streamline healthcare reimbursements, has been in Philadelphia since 2004, after both of its cofounders left Accenture to start the healthcare-tech venture.

Although J.P. Morgan is New York-based, InstaMed has no intentions of abandoning its Center City office which employs nearly 200 people, VP of Strategy Deirdre Ruttle told Technical.ly.

READ FULL ARTICLE HERE