Three Blue healthcare plans partnered on Wednesday last week with Lumeris Corporation, a US-based health information technology provider, to buy GE Equities-backed Navinet, the largest US real-time communication network for physicians, hospitals, and health insurers.
Highmark as well as Horizon Blue Cross Blue Shield of New Jersey and Independence Blue Cross were the healthcare plans investing in the acquisition. Lumeris has previously won backing from medical body Blue Cross Blue Shield Association’s corporate venturing unit managed by Sandbox Industries, which invested $9m in Essence Group, parent company of Lumeris, last year.
NaviNet processes more than 50 kinds of administrative, financial and clinical transactions for about 75% of America’s physicians, 3,800 hospitals and many US health insurers, including the three buyers Highmark, Horizon and IBC.
Essence has raised an estimated $118.6m in financing, according to Global Corporate Venturing analysis. Essence also raised $61m from venture capital groups Camden Partners and Kleiner Perkins Caufield & Byers earlier in 2011. It previously raised $24.2m in 2010, according to a Securities and Exchange Commission filing.
Essence also raised $21.3m in 2009, according to another filing.
It also attempted to raise $1m in 2008, according to another filing, and it raised $2.1m in 2007, according to a further filing.
NaviNet has previously received $50m in venture capital, according to news provider Mass High Tech, from backers including from GE Equities, as well as North Bridge Venture Partners and Atlas Venture.