This morning worker wellbeing firm Virgin Pulse snapped up shopper well being engagement software Welltok for an undisclosed sum.
Welltok works with well being techniques, well being plans and huge employers to assist encourage their members or employees concerned of their wellbeing and well being.
“They’ve two major capabilities. They’ve what I will name a multimodal outreach functionality, the place they’re reaching out to predominantly healthcare shoppers to activate them to take actions on their healthcare in a manner that their shoppers want them to do it,” Chris Michalak, CEO of Virgin Pulse, informed MobiHealthNews.
“Then 18% of the enterprise is within the wellbeing area, similar to Virgin Pulse within the wellbeing aspect of issues. We’re primarily taking extra market share available in the market by means of this acquisition by bringing their functionality and shoppers into ours and enhancing our management place within the wellbeing area.”
The corporate is ready to mix scientific engagement and social determinants of well being to realize insights into sufferers. It additionally features a good analytics software that predicts how sufferers will proceed with their wholesome life selections exterior of a scientific setting. Shoppers can use the service to interact with shoppers and encourage them to take sure actions.
As soon as the acquisition is accomplished, Welltok shall be built-in into Virgin Pulse and can function as a single enterprise over time.
WHY IT MATTERS
The brand new acquisition is poised to convey new shoppers into the Virgin Pulse fold. It additionally opens the corporate to new markets.
“They’re serving completely different markets than us, notably well being techniques and pharma firms. They’re serving these capabilities in a really completely different manner. And so we’ll add new capabilities and new market alternatives to the combination. However we’ll function as a single property,” Michalak stated.
From a buyer perspective, the acquisition will imply extra instruments and choices.
“I believe it is good for patrons as a result of the chief within the wellbeing area goes so as to add new capabilities to the combination. They are going to add capabilities that we’ve been constructing out over various years, so it’ll make our underlying wellbeing platform higher.
“After which I believe the opposite factor is these shoppers that they’ve been serving in a well being plan and well being system market could have entry to the capabilities that Digital Pull brings to the desk, giving us a chance to that consumer set with a broader set of wellbeing capabilities.”
THE LARGER TREND
Virgin Pulse has a historical past of acquisitions. For instance, in 2020 the corporate scooped up diabetes start-up Blue Mesa Well being. The latter’s diabetes prevention program Remodel was rolled into a brand new providing known as Virgin Pulse Remodel.
In 2018, Virgin Pulse introduced that it was set to merge with RedBrick Well being below the Virgin Pulse title.
“We’ve completed various acquisitions, and I might say we attempt to accomplish one among two issues with these acquisitions. One is to consolidate share within the areas that we’re already the chief. Typically it is simply a chance to convey extra functionality into the wellbeing area,” Michalak stated.
“Welltok is an fascinating one, as a result of it does each of these issues. It provides a brand new functionality, and it additionally offers us higher scale and market share within the wellbeing area.”
Welltok has additionally been lively within the M&An area. For instance, in 2017, the corporate acquired well being analytics firm Tea Leaves Well being for $80.8 million. In 2018, the corporate acquired Wellpass, an organization that was fashioned from the merger of Sense Well being and Voxiva, in an effort to assist give attention to the Medicaid and authorities enterprise area.
ON THE RECORD
“Welltok and Virgin Pulse complement one another in some ways and share an identical ardour for bettering folks’s well being and wellbeing,” Welltok CEO Bob Fabbio wrote in an e-mail to MobiHealthNews. “Collectively, we will simplify and personalize the buyer well being expertise by reaching extra folks with personalised, multi-modal engagement that’s extremely highly effective for driving higher outcomes.
“Welltok expands Virgin Pulse’s capability to handle the complete care continuum with our well being plan and well being system enterprise, in addition to supercharge its core capabilities with our multi-channel expertise and strong information and analytics used to focus on with excessive accuracy.”