VirTrial, a provider of virtual care platform for clinical trials and a portfolio company of Kinderhook Industries, acquired SnapMD, a provider of telemedicine software solutions to healthcare providers.
The financial terms of the acquisition were not disclosed.
“We are extremely thrilled to join the VirTrial team and drive the evolution of telemedicine platforms in the clinical research industry,” said David Skibinski, CEO of SnapMD. “This transaction will enable SnapMD to further its commitment to improve access to care, regardless of setting, through an industry-best telemedicine solution and unmatched breadth of services.”
SnapMD will operate as a subsidiary of VirTrial and will continue to provide its telemedicine solution across the healthcare space.
“Our acquisition of SnapMD enables us to better implement our vision of making clinical trials easier for everyone involved, from sponsors to sites and patients. By offering a simplified, straight-forward user experience and the ability for sponsors to include multiple countries with extensive features, VirTrial continues to set the bar in decentralized clinical trial platforms,” said Mark Hanley, CEO of VirTrial.
SnapMD has raised over $16 million in VC funding from Shea Ventures, TYLT Labs, and Whittier Ventures.
Since 2010, over 70 telemedicine companies have been acquired, according to Mercom data.
Similar Acquisitions in telemedicine space:
Carenet Health, a provider of healthcare engagement, clinical support, advocacy, and 24/7 telehealth solutions, acquired the engagement and telehealth solution subsidiary of Citra Health Solutions.
Life Biosciences, a biopharmaceutical company, acquired Lua, a web and mobile-access technology platform focused on improving patient outcomes by facilitating communication between providers and patients through web and video platforms.
According to Mercom’s Q3 & 9M Digital Health Funding and Report, there were 125 Digital Health M&A transactions in the first nine months of 2019, compared to 172 during the same period of last year.