Health plan provider Virgin Pulse has agreed to pay an undisclosed sum to acquire Welltok, a US-based healthcare management software developer backed by a range of corporate investors.
Welltok runs a health-based software platform that uses data analytics to create personalised healthcare plans for individuals. Its offering is intended to complement Virgin Pulse’s existing platform with more analytics and multi-channel communications capabilities.
Conglomerate Itochu took part in a $75m series E2 round for Welltok in 2018 featuring Future Fund Management Agency, NF Trinity Capital, Ziff David, Bessemer Venture Partners (BVP), New Enterprise Associates (NEA) and Georgian Partners that took its total funding to $216m.
The comapny had secured $33.7m in a 2016 series E round featuring chipmaker Qualcomm and media group Hearst, through their Qualcomm Life Fund and Hearst Health Ventures subsidiaries.
NEA, Miramar Ventures, BVP, Flare Capital Partners, Emergence Capital, Georgian Partners, HLM Venture Partners, Trustmark, Okapi Venture Capital, Sigma Partners, InterWest Partners and EDBI filled out the series E participants, while Silicon Valley Bank supplied a $13m expanded credit facility.
Hearst Health Ventures, Qualcomm Ventures and healthcare services providers Catholic Health Initiatives and TriZetto had joined BVP, Emergence Capital Partners, InterWest Partners and NEA to provide $37m in series D funding for Welltok the previous year.
Qualcomm Ventures had also invested in Welltok’s $22.1m series C round in 2014, alongside computing technology producer IBM’s Watson Group, InterWest, Emergence, Miramar Venture Partners and Okapi Venture Capital.
Bob Fabbio, chief executive of Welltok, said: “We are excited to combine forces with Virgin Pulse and look forward to bringing our teams, talents and technology together to deliver the most comprehensive digital health platform to our collective customers.
“Together, we have the potential to create modern, scalable healthcare engagement and activation solutions that will greatly increase the value our clients realise by driving meaningful change and outcomes, faster.”
