The acquisition of InTouch Health will allow Teladoc to become a major player in virtual care solutions for both hospitals and health systems
Teladoc Health agrees to acquire telehealth solutions provider InTouch Health (Credit: Pixabay/Adam Radosavljevic)
Teladoc Health has agreed to acquire enterprise telehealth solutions provider InTouch Health in a deal valued at around $600m.
The purchase price is comprised of around $150m in cash and $450m of Teladoc Health common stock.
The acquisition is expected to enable Teladoc to become a partner of choice for health systems expecting a single solution for their entire virtual care strategy.
It will also strengthen the company’s virtual care offersing, covering a full range of acuity from critical to chronic to everyday care through a single solution across all sites of care across the world.
Teladoc Health CEO Jason Gorevic said: ”Today marks a bold leap forward in Teladoc Health’s mission to transform how high-quality healthcare is accessed and experienced, making virtual care available for patients with even the most critical care needs.”
InTouch Health offers a cloud-based network and virtual care solutions, which will help connect health systems, providers, and patients at all times.
InTouch Health provides an integrated suite of technology, software, purpose-built devices for global health care providers
The company provides an integrated suite of technology, software, purpose-built devices, as well as maintains a global network to serve global health care providers. It serves over 3,600 care locations across the world.
The combined firm will meet the requirements of the provider market with one single and integrated solution that can be used in both consumer and provider-to-provider applications.
InTouch Health CEO Dr Joseph DeVivo said: “Now is the perfect time for us to join together with Teladoc Health and deliver to hospitals and health systems everywhere what they’ve been asking for – a single, enterprise solution to support their virtual care strategies and enable them to better engage with patients at every point along their healthcare journey.”
Subject to customary closing conditions, the deal is expected to be completed by the end of the second quarter this year.
Lazard served as a sole financial advisor, while Latham & Watkins acted as legal advisor to Teladoc Health in the deal. J.P. Morgan served as a sole financial advisor, while Wilson Sonsini Goodrich & Rosati acted as legal advisor to InTouch Health.
Teladoc Health offers virtual care services for the customers in 130 countries and in more than 30 languages by collaborating with employers, hospitals and health systems, and insurers.
In 2017, Teladoc partnered with Analyte Health to deliver lab diagnostics services through the Teladoc telehealth platform.