Care collaboration software platform PatientPing has been acquired.
Boston-based PatientPing provides a wide range of services, including real-time notifications when patients receive care, COVID-19-monitoring tools and other solutions. The software company works with health care organizations across the continuum of care, from hospitals and health systems to post-acute care providers.
Citing “people familiar with the transaction,” PE Hub initially reported Monday that PatientPing is being acquired by Appriss in a deal that values the health care platform at about $500 million. PatientPing did not respond to a request for comment from Home Health Care News as of the publication of this story.
Appriss confirmed the acquisition news with an announcement on Tuesday.
“The transaction will enable the combined companies to deliver more effectively on their shared mission of enabling various stakeholders in the health care ecosystem to utilize software and analytics solutions to facilitate better care for patients across the physical and behavioral health continuum,” the announcement stated. “Together, the software improves patient outcomes and lowers the total cost of care.”
Founded in 1994 as VINE, Appriss provides proprietary data and analytics solutions to address safety, fraud, risk and compliance issues for government and commercial enterprises worldwide. The company — backed by Clearlake Capital Group and Insight Partners — has customers in 25 countries on 4 continents.
Founded in 2013, PatientPing’s overarching mission is to better coordinate care by minimizing costly “gaps” when patients transition from one health setting to the next. The company’s network includes 1,250 hospitals and 6,000 post-acute care entities, plus hundreds of other providers such as Federally Qualified Health Centers (FQHCs), urgent care centers, behavioral health organizations and more.
With investment from a couple of titans of the venture capital world, PatientPing has raised roughly $101.2 million since launching. Its backers include F-Prime Capital, Andreessen Horowitz and GV, the VC investment arm of Alphabet Inc. (Nasdaq: GOOGL), Google’s parent company.
The software company closed a $60 million Series C round in August.
“Patients often receive care from many providers, and when they work together, care is safer and better,” PatientPing CEO Jay Desai said at the time. “PatientPing is committed to delivering the innovative products needed to support every patient and their full care team with real-time awareness into patients’ treatment.”
PatientPing experienced record growth in 2020, adding thousands of hospitals, post-acute care entities, provider organizations and health plans to new and existing markets, according to the company.
The company has seen demand for its service grow due to the COVID-19 pandemic, but also because of interoperability initiatives from the U.S. Centers for Medicare & Medicaid Services (CMS).
For Appriss, the rumored PatientPing acquisition would diversify its offerings on the health care front, according to PE Hub.
Businesses similar to PatientPing include Collective Medical, which was acquired by PointClickCare for $650 million in December, PE Hub noted.