JPMorgan Chase & Co. is acquiring U.S. healthcare technology company InstaMed in what CNBC said was the bank's largest purchase since it bought Bear Stearns and certain assets of Washington Mutual in 2008.

JPMorgan is buying the healthcare payments and billing processor for over $500 million, according to the CNBC report. JPMorgan also announced the deal in a press release dated May 17 but did not mention how much it was paying to acquire the healthcare payments and billing processor.

Founded in 2004, InstaMed currently employees about 300 workers and provides automated medical billing services with a particular focus on eliminating paper, improving the consumer financial experience and reducing costs to collect payments.

It processed transactions worth $94 billion last year.

U.S. healthcare spending was $3.5 trillion in 2017 and is expected to reach $6 trillion by 2027, according to the federal Centers for Medicare and Medicaid Services.

The acquisition will expand JPMorgan's portfolio of payment services designed specifically for healthcare consumers, providers and payers.