Remedy Health Media Acquires HealthCentral
Remedy Health Media, a New York-based health information company, has bought HealthCentral, a start-up that offers online clinical and patient tools, community and content in a variety of topic areas.
Terms of the deal were not disclosed, but the Arlington, Va.-based HealthCentral has raised $50 million from investors such as the Carlyle Group, IAC/InterActiveCorp, Polaris Venture Partners and Sequoia Capital. Allen & Co., which was HealthCentral’s financial adviser for the transaction, was also an investor.
The market for online-based information about health has been a fast-growing one, but it’s still a nascent arena.
Here’s the official press release:
Remedy Health Media Acquires HealthCentral: Creates Industry-Leading Health Information and Technology Platform
NEW YORK, NY — Remedy Health Media, America’s fastest-growing health information and technology company, today announced its acquisition of HealthCentral, a leading provider of online clinical and patient community resources and tools that help millions of patients and caregivers take control of their health and improve their well-being. The acquisition brings together two companies with the shared mission of empowering patients and caregivers with the information and applications needed to efficiently navigate the healthcare landscape to receive better health outcomes. The acquisition is expected to close this week. Terms were not disclosed.
“This acquisition means Remedy now provides the health information industry’s leading portfolio of digital, mobile, and point-of-care information and technology products,” said Remedy Chief Executive Officer, Mike Cunnion.
HealthCentral’s CEO, Christopher M. Schroeder, adds, “This combination creates real opportunities for innovation in an industry segment that is growing rapidly and seeking new solutions. All of us at HealthCentral are very excited that the union of the two companies and the strength, scope, and reach of the new Remedy will be a unique force for better health and wellness.”
With the addition of HealthCentral, Remedy Health Media creates a market-leading platform for healthcare audiences seeking proprietary information and technology to manage their health concerns on their terms as well as marketing partners who want to connect with patients and caregivers on a number of platforms: online, in doctors’ offices, pharmacies, and through their mobile devices. The new Remedy Health Media will influence more than 150 million consumers annually. The company’s reach now includes 23 million unique monthly visitors to its health websites, more than 17 million patients and caregivers at pharmacy counters nationwide, a 20-million member customer database, and a network of more than 600,000 physicians.
“With the acquisition of HealthCentral, we’ve dramatically increased our online reach, sales capacity and our ability to create industry leading health information and technology applications,” notes Cunnion. “The combination creates exciting opportunities to provide even more value to our audiences, customers and strategic partners.”
Remedy Health Media is a Veronis Suhler Stevenson (VSS) company; a leading global private investment firm focused on the information, education, media, communications and business services industries. “Communications growth will be driven by the convergence of technologies in digital and mobile platforms,” said David Bainbridge, Managing Director, Veronis Suhler Stevenson. “Nowhere is this more evident than in the health and wellness sector where the ability to access accurate information is paramount.”
HealthCentral is backed by leading interactive media and technology investors IAC/InterActiveCorp, Polaris Ventures, Sequoia Capital, The Carlyle Group and Allen & Company. Notes Alan Spoon of Polaris Ventures, “We are thrilled to join forces with Mike and the Remedy team. This combination is a unique opportunity to create the largest and most innovative platform for health seekers looking to take action on their terms, and connecting them with our partners and clients.”
Schroeder will remain involved in the business as a consultant to Remedy and the board of directors, and has been named an Advisor to Polaris Ventures.