Catamaran Corp. (Nasdaq: CTRX, TSX: CCT) is buying Healthcare Solutions Inc. from Brazos Private Equity Partners LLC for $405 million. 

Healthcare Solutions provides medical-cost management services to customers in the workers' compensation and auto liability markets. Customers include pharmacy benefit management, specialty health care services, PPO networks, medical bill review, case management, and Medicare set-aside services.  

The Atlanta company, backed by Brazos since 2006, originally did business as Cypress Care. It became Healthcare Solutions in 2007 when the business combined with Procura Management. Brazos, headquartered in Dallas, is a private equity firm that manages about $1 billion in equity capital. The firm invests in middle market consumer, health care, commercial and industrial and business services companies.

Catamaran is a pharmacy benefit management provider that supplies pharmacists, doctors and caregivers with prescription data with the aim of improving patient outcomes.

Harris Williams & Co. and JP Morgan Securities LLC are advising Healthcare Solutions, while Weil Gotshal & Manges is providing legal advice. Sidley Austin LLP represented Catamaran on the deal. 

As the Affordable Care Act brings more patients into the U.S. health care system, health care companies have been looking to bulk up their services. For more, see 5 Technologies That Drove Health Care M&A in 2014 and ACA Reshuffles the Deck.