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Last Month in Digital Health M&A: August 2019

Market Watch / September 2, 2019 / Leave a Comment

During the last month, we have caught the following digital health M&A deals…

Last Month in Digital Health M&ADAS Health acquires Milwaukee-based health IT and medical billing conglomerate. The conglomerate includes including WRT Specialties, Inc., Easy PC Solutions, LLC, EasyMed Billing, LLC and Houston-based Systech Solutions. This latest move follows DAS’ acquisition of Houston-based Altex Business Solutions earlier this year, and three Chicago-based companies at the end of 2018. DAS Health now actively serves nearly 1,500 clients, 3,000 clinicians and 15,000 total healthcare professionals nationwide. Financial terms of the deal were not disclosed. • read more.

Progentec Diagnostics, Karate Health merge to further develop autoimmune disease management platforms. Building upon the strong partnership between the two companies, this merger is a substantive step towards the Progentec mission of developing comprehensive disease management solutions. The combined entity offers laboratory testing and digital technologies for the diagnosis and management of lupus (SLE), multiple sclerosis (MS), and other autoimmune diseases. It retains the Progentec name and will be headquartered in Oklahoma City, OK. The merger was supported by Progentec’s existing investors, which include i2E, OCA Ventures, and others. Other participating investors include Entrepreneurs Roundtable Accelerator. • read more.

Accolade acquires provider data company MD Insider. With the acquisition of MD Insider, Accolade gains access to a world-class machine learning platform that produces experiential and performance insights on millions of providers across the healthcare system. MD Insider’s team of data scientists, software engineers and healthcare experts has developed a platform that ingests and enriches huge volumes of the latest performance data about physicians ‐ billions of rows of data from thousands of institutions and millions of doctor-patient interactions and events. Analyzing this data, the platform algorithmically identifies key physician performance insights in areas of experience and quality, which enables proprietary matching of patients with the right doctors. • read more.

Experian acquires MyHealthDirect to strengthen its position in patient access and engagement. MyHealthDirect’s intuitive technology guides patients to the right care and enables real-time scheduling through any digital access channel: on the web, in call centers, and in provider offices. Their systems facilitate more timely access to care, meeting consumer demand for self-service while creating efficiencies for clients. MyHealthDirect customers enjoy call center efficiencies through automated management of appointment inventory, increasing appointment and referral rates, reducing appointment “no-shows,” and enhancing the overall patient experience. • read more.

Siemens Healthineers to acquire Corindus Vascular Robotics for $1.1B. Corindus Vascular Robotics is, a leading developer of precision vascular robotics. Under the terms of the merger agreement, Siemens Medical Solutions, a wholly-owned subsidiary of Siemens Healthineers AG, will acquire all issued and outstanding shares of common stock of Corindus for $4.28 per share in cash, representing an aggregate purchase price of approximately $1.1 billion. The transaction has been approved by the Board of Directors of Corindus and is expected to close in the fourth quarter of 2019, subject to approval by Corindus stockholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and the satisfaction of other customary closing conditions. • read more.

GraphPad Software acquires SnapGene, forms Insightful Science. Launched in 2012, SnapGene is the easiest way to plan, visualize, and document molecular biology procedures, offering innovative DNA cloning solutions designed to enhance the research workflow… A parent entity, Insightful Science, was formed to support the growing portfolio of brands that now includes SnapGene. SnapGene is the second bioinformatics technology brand acquired by the company this year. Other products within the portfolio include GraphPad Prism and Geneious DNA data analysis solutions, Geneious Prime and Geneious Biologics. All the companies within Insightful Science will continue to operate and serve customers under their respective brands. • read more.

IAC acquires nursing marketplace NurseFly for $15M. Founded in 2017, NurseFly’s platform aggregates the largest index of real-time travel nursing jobs nationwide, offering travel healthcare professionals unprecedented transparency to aid in their job search. With NurseFly, nurses can access a centralized platform to browse and compare more than 30,000 open travel nursing jobs nationwide, view detailed compensation information from different staffing agencies and locations, and research potential U.S. cities to call home ‐ all for free from NurseFly’s website or mobile app… NurseFly will continue to be led by Parth Bhakta, co-founder and CEO, and Eric Conner, co-founder and CTO. Adam Roston, a long-time IAC executive who is also CEO of Bluecrew, will assume the role of Chairman of NurseFly. • read more.

Affiliates of Signify Health and Remedy Partners signed a definitive agreement to merge. The combination of the two companies will provide value-based care solutions to organizations across health systems, provider groups, health plans, and life sciences companies; bringing together a powerful platform of technology, data, and network assets focused on enabling the right care for millions of members at scale. With a combined national field force of over 9,000 credentialed providers and a combined nationwide partner network of over 300 provider systems, 2,000 post-acute organizations, and over 200 community locations, the businesses see over 1 million members annually in the home, have managed over 600,000 episodes of care, and have addressed over 25 million social determinants of health (SDoH) activities for over 3 million members. The businesses equip this network of providers with intelligent mobile and web-based tools to efficiently and effectively deliver care for members, leveraging insights from a data chassis that integrates clinical, social, and behavioral data around a member as they are seen across various sites of care across facilities, the home, and community. With this longitudinal view and holistic engagement across settings, they will focus on improved coordination of care to reduce excess costs and drive a higher quality experience for members. • read more.

PE firms JLL Partners and Water Street acquire THREAD. THREAD’s platform and services are designed to make clinical trials and registries more accessible and less costly by replacing patient visits at investigator sites with technology-enabled interactions at more convenient locations, including patients’ homes. Growing numbers of biopharma, life science companies, contract research organizations (CROs), and non-profit researchers are engaging THREAD’s virtual research platform to capture clinical study data in between, as well as during or instead of clinic visits. The company’s platform supports an integrated suite of user-friendly, highly configurable applications that support eConsent, ePRO/eCOA, patient engagement, telehealth virtual visits, site data capture, and medical device and consumer sensor connection. Headquartered in Orange County, Calif., THREAD will leverage the investment to accelerate the expansion of its global offering. • read more.

Please note that this list represents only the digital health M&A deals that caught our eye in the past month. There may be other deals we are not aware of or those which we don’t think fit the “digital health” category.

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