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Insurer Aetna says it will spend about $500 million to buy health information technology company Medicity, which develops systems that allow doctors and hospitals to coordinate care and share information.

The Hartford, Conn., managed care company says the deal will speed up its growth in health information technology and exchanges and will be neutral to next year's financial results.

Aetna is the third largest commercial health insurer based on enrollment. Health insurance is its main product, but Aetna also sells dental, group life and disability coverage.

Medicity is based in Salt Lake City, and its health information exchange technology reaches more than 760 hospitals and 125,000 doctors.

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