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Wheel Acquires Goodrx Care Backend Technology To Strengthen Its Virtual-First Care Platform

Nov 11, 2022•about 3 years ago

Acquiring Company

Wheel

Acquired Company

Validic

DurhamConsumer GoodsOtherHealth CareCommerce And ShoppingHealth CareMhealthMedical

Description

Wheel, the health technology company powering the future of care, today announced it will acquire GoodRx Care's backend virtual care technology, including its clinician-centric EMR, powerful clinical management tools, and flexible patient experience software. Wheel will integrate GoodRx Care's underlying technology to expand its existing virtual care platform capabilities and GoodRx will continue to own the consumer-facing GoodRx Care website and mobile app.

Company Information

Company

Wheel

About

The company last raised a $50 million Series B in May 2021, bringing its total known funding to date to $216 million. The startup wants to now be able to help patients start at a telehealth visit, but then get directed to labs, diagnostics or even an in-person visit. Wheel isn’t the only startup with a pitch to help point-care solutions broaden their services to reach wider consumer patient population.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed