Provider search and scheduling company Kyruus announced the acquisition of HealthSparq, an online platform for comparing healthcare providers and procedures, from Cambia Health Solutions, a family of more than 20 companies.
Kyruus did not disclose the financial terms of the transaction. But they did say Cambia will have an ownership stake and a seat on the Kyruus Board of Directors.
Together, Kyruus and HealthSparq serve more than 60 health systems and 100 health plan brands nationwide. Mark Menton, CEO of HealthSparq, will join the Kyruus executive team and serve as General Manager of the health plan business unit. Mark Menton said: “We’ve grown up as part of Cambia, so understanding health plans is in our DNA, and that insight allows us, as part of Kyruus, to help make healthcare access a seamless experience between patients, plans, and providers.”
Jared Short, President and Chief Operating Officer for Cambia Health Solutions, said. “Cambia has always known we would need strategically aligned partners to further our mission to transform healthcare for people and their families. HealthSparq has been a critical transparency tool for health plans, and Kyruus and HealthSparq together have the opportunity to accelerate innovation and growth to serve even more people nationwide. Cambia is pleased to continue to be a part of it.”
Mergers and acquisitions (M&A) continue to be the most popular source of exit for digital health investors and companies. A total of 132 digital health companies were acquired in the first nine months (9M) of 2020, compared to 125 in 9M 2019, according to Mercom’s 9M 2020 Digital Health Funding and M&A Report. In one of the largest digital health M&A transactions ever, Telehealth provider Teladoc Health has agreed to acquire Livongo Health, a developer of cellular-connected blood glucose meter and app for diabetes management, the deal valued at $18.5 billion.
Image credit: HealthSparq