The new venture will combine CVS Health's local presence and clinical capabilities with Aetna's leading healthcare benefits and services.
The insurer, which covers 23 million, is already offering Apple's smartwatch to its 50,000 employees as part of its corporate wellness program.
The deal will have a massive impact on the digital health industry, as both companies are already offering a number of mobile apps and services.
The partnership follows the successful pilot program completion with Aetna employees who had, or were at risk for, Metabolic Syndrome.
Bswift's technology platform will provide Aetna with the capability to deliver a new private-exchange offering for employers of all sizes.