Appriss Health, a cloud-based care coordination software and analytics solutions focused on behavioral health and substance use disorders, has entered into a definitive agreement to acquire care collaboration software platform PatientPing.
The acquisition’s financial terms were not disclosed, but the deal values PatientPing at approximately $500 million, according to PE Hub. In 2020, PatientPing raised $60 million in Series C funding to expand its care-coordination app. Including Series C funding, the company has raised more than $100 million to date.
Appriss Health – backed by Clearlake Capital Group and Insight Partners – helps customers analyze trends, identify risks, and make better decisions that improve individuals and communities’ health, safety, and well-being.
Both Appriss Health and PatientPing operate care coordination platforms that utilize data and analytics to help providers manage their patients. According to the press statement, the combined platforms serve the largest integrated delivery systems in the U.S., including 2,500 hospitals, 7,500 post-acute facilities, and 25,000 pharmacies.
“Appriss Health already provides its technology, data, and analytics to improve how care is provided in over a billion patient encounters each year. We are excited to be able to immediately serve this broader community of healthcare professionals with unique insights and real-time clinical decision support,” said Rob Cohen, Appriss Health President.
Rob Cohen added: “Care team members will now be able to come together on a common platform and positively impact the patient’s whole care experience, both physically and behaviorally. Everyone recognizes the impact of behavioral health issues on a person’s physical and mental well-being, and we are proud to be tackling one of the biggest issues facing the nation.”
A total of 184 digital health companies were acquired in 2020, compared to 169 in 2019, a 9% increase in M&A activity year-over-year, according to Mercom’s Q4 and 2020 Digital Health Funding and M&A Report. Learn More about M&A activity in digital health.