HARTFORD, CT – Health insurer Aetna has completed its $500 million acquisition of Salt Lake City-based Medicity, a health information exchange technology company.

Aetna announced Tuesday it had completed the deal. It first announced the transaction on Dec. 7. Medicity will operate as a separate business within Aetna, under its existing leadership structure.

"This acquisition will enable Aetna to offer a set of convenient, easy-to-access technology solutions for physicians, hospitals and other healthcare providers," said Mark T. Bertolini, Aetna president and CEO when he announced the deal on Dec. 7. "Strategically, we believe this acquisition will enhance Aetna's capabilities and accelerate our growth in the health information technology and health information exchange space."

Aetna is among other insurers who are looking to diversify in the face of a new health reform law that is likely to result in smaller profit margins for insurers.

Medicity offers a broad range of products and services that enable health systems, hospitals, physician practices and health information exchanges to securely access and exchange healthcare information.

Shares of Aetna jumped 46 cents to $30.97 late Monday morning.

Aetna, the third largest insurer in the country, has about 35.4 million members, including employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates.