EverCommerce, which provides marketing, business management, and customer retention solutions to businesses in the service sector, completed the acquisition of Updox, a virtual care and communication platform.
Terms of the acquisition were not disclosed.
Updox provides virtual care and patient solutions for healthcare providers, physician practices, health systems, and post-acute care facilities. The company serves more than 560,000 users. According to the press note, it has facilitated over 3.5 million telehealth visits since March and supports more than 15,000 visits per day.
According to a new Accenture report, over 70% of patients are likely to use virtual care solutions going forward. More than 60% of patients are likely to change healthcare providers if their current provider does not meet their expectations of handling COVID-19.
“Now more than ever, healthcare providers need a one-stop-shop to acquire new patients, operate more efficiently, and engage their patients. They also need one single place to communicate with patients where they are – on their mobile phones,” said Michael Morgan, president of Updox. “We’re thrilled to join the EverCommerce team, which shares our vision for advancing healthcare. We look forward to accelerating innovative solutions that enable healthcare practices to more effectively market to patients, simplify payments, and effectively interact with patients both in and outside the practice.”
“In an environment of unprecedented healthcare challenges, we are excited for our two organizations to join forces,” said Matt Feierstein, president and COO of EverCommerce. “As a market leader, Updox provides a full suite of differentiated office productivity and virtual care solutions that a practice needs to thrive in today’s healthcare landscape. We look forward to working together to provide best-in-class solutions for our customers.”
TripleTree served as the exclusive financial advisor to Updox.
Recently, EverCommerce acquired My PT Hub, a personal training and fitness engagement app for personal trainers, coaches, and gym owners, for an undisclosed amount.
Mergers and acquisitions (M&A) continue to be the most popular exit source for digital health investors and companies. According to Mercom’s Q3 and 9M 2020 Digital Health Funding and M&A Report, a total of 49 digital health companies were acquired in Q3 2020 compared to 42 in Q2 2020.