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Blackstone-backed HealthEdge completes Wellframe buyout

HealthEdge, which is backed by Blackstone, has completed its previously announced buyout of Wellframe, a digital health management platform.

HealthEdge, which is backed by Blackstone, has completed its previously announced buyout of Wellframe, a digital health management platform. No financial terms were disclosed. Wellframe’s backers include Coatue, HLM Venture Partners, and BlueCross BlueShield Venture Fund.

PRESS RELEASE

BURLINGTON, Mass.–(BUSINESS WIRE)–HealthEdge Software, Inc.® (“HealthEdge”), provider of the industry’s leading next-gen integrated solution suite for health insurers, has completed its previously announced acquisition of Wellframe Inc. (“Wellframe”), a leading digital health management platform. As part of the transaction, HealthEdge is pleased to welcome new investors, including Coatue, HLM Venture Partners, and BlueCross BlueShield Venture Fund.

“Wellframe’s consumer-facing mobile application will extend our industry-leading clinical care management platform to close the last mile between the health plan and the consumer,” said HealthEdge CEO Steve Krupa. “I’m energized by our common mission to drive a digital revolution in healthcare through transaction automation and enablement of real-time business and clinical engagement among payers, providers and consumers.”

The acquisition represents HealthEdge’s entry into digital health management and consumer engagement, which is a high priority for plans, particularly given the direct impact on health plan quality ratings. Wellframe solutions deliver personalized content and facilitate seamless connectivity between health plan staff and consumers, opening the door to real-time patient interventions, features that strengthen clinical outcomes and satisfaction.

“There is a great deal of excitement, energy and momentum around this partnership and what it means for our collective opportunity to accelerate health plans’ digital transformation,” said Jake Sattelmair, Wellframe co-founder and CEO. “I anticipate the opportunity to further advance our footprint as a strategic partner to health plans looking to digitally modernize member services and experience, in collaboration with the broader HealthEdge team and family of solutions.”

Wellframe represents the third strategic acquisition by HealthEdge over the past 20 months. Ram Jagannath, Global Head of Healthcare for Blackstone, said, “The Wellframe transaction cements HealthEdge’s position as the go-to resource for critical payer business issues. HealthEdge’s end-to-end SaaS solution suite spans four synergistic core market segments, including core administrative processing, payment integrity, care management and digital health management. We believe this creates a differentiated and compelling value proposition for payers.”

TripleTree, LLC served as financial advisor and Debevoise & Plimpton LLP was legal advisor to HealthEdge and Blackstone. Centerview Partners LP, served as financial advisor and Goodwin Procter LLP was legal advisor to Wellframe. Terms of the transaction were not disclosed.

About HealthEdge
HealthEdge® strives to innovate a world where healthcare can focus on people, advancing a digital revolution in healthcare through transaction automation and the enablement of real-time business and clinical engagement among payers, providers and members. HealthEdge pursues this mission through delivery of the HealthEdge Digital Platform, consisting of the health insurance industry’s leading cloud-based SaaS applications for core administration (HealthRules Payor®), payment integrity (Source®), care management (GuidingCare®), and digital health management and consumer engagement (Wellframe). Offered individually and as an integrated suite, HealthEdge Digital Platform applications provide modern, disruptive healthcare IT solutions that enable health insurers to leverage new business models, improve outcomes, drastically reduce administrative costs, and connect each of the key stakeholders in the healthcare delivery cycle. Follow HealthEdge on Twitter or LinkedIn.

About Wellframe
Wellframe strategically partners with health plans nationwide to reimagine the relationship between plans and members. Our digital health management solutions for care management and advocacy enable a level of care and support that empowers people and organizations to achieve their best. By combining innovative solutions, strategic partnership and passionate conviction, Wellframe creates measurable impact on lives, at scale. For more information on Wellframe, visit www.wellframe.com.