Wheel to shop for GoodRx’s backend digital care tech for $19.5M

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Telehealth staffing and products and services corporate Wheel will gain GoodRx’s backend digital care era for $19.5 million in money. 

The deal, which is anticipated to near on the finish of the month, contains GoodRx Care’s EHR, medical control equipment and affected person revel in instrument. 

Wheel will combine the tech into its digital care choices, regardless that GoodRx will proceed to possess and function its consumer-facing telehealth web page and cell app. About 20 GoodRx workers will obtain provides to enroll in Wheel. 

The corporations have labored in combination since 2020. GoodRx, which is easiest identified for its drug value transparency choices, mentioned the purchase will give it flexibility to proceed providing telehealth equipment. 

“We imagine Wheel is the best strategic spouse for this acquisition,” Doug Hirsch, co-CEO and cofounder of GoodRx, mentioned in a commentary. “Wheel has supplied era and clinicians for GoodRx Take care of a number of years, giving us top self assurance of their skill to function and develop the platform. Via coming into right into a long-term strategic association, we stay up for deepening our mutually-beneficial courting. We’re excited to peer how Wheel continues to leverage the superb equipment our group evolved.”

THE LARGER TREND

This deal marks Wheel’s first acquisition. Based in 2018, the startup introduced two years later along a $13.9 million Collection A carry. In early 2022, Wheel introduced it had scooped up $150 million in Collection C investment

Alternatively, in August, Insider reported Wheel had laid off 35 workers, or about 17% of its team of workers. Various virtual well being and well being tech corporations have introduced layoffs this yr as funding dries up in comparison with the booming investment surroundings noticed in 2021.

GoodRx reported its 3rd quarter income this week, posting $187.3 million in income in comparison to $195.1 million all through the prior-year length. Web loss was once $41.7 million in comparison to a web lack of $18.1 million in 2021, which GoodRx attributed to a up to now discussed factor with a countrywide grocery chain and bills associated with its vitaCare acquisition.

Adjusted EBITDA was once $52 million in comparison to $61.8 million within the prior-year length, which GoodRx mentioned was once in large part pushed via the grocery chain downside.

The corporate additionally laid off employees this yr, chopping roughly 16% of its team of workers. GoodRx just lately introduced a provider-facing drug-cost transparency platform that may also function strategic partnerships with pharmaceutical corporations.



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