Covington Associates Acts as Financial Advisor to Hea!thrageous in the Sale of Their Assets
Boston, MA – September 27, 2013 — Covington Associates, LLC announced it acted as financial advisor to Hea!thrageous , Inc. (“Healthrageous”), a digital health management company that provides a SaaS platform allowing users to prevent and self-manage chronic health conditions, in the sale of their assets to Humana, a leading healthcare company.
Healthrageous, a spinout of Partners HealthCare’s Center for Connected Health, creates apps for end users to manage weight loss, diabetes, hypertension and other conditions. Additionally, companies can use Healthrageous’ technology to improve condition-specific health issues, resulting in lower costs of employee health care, and offer benefits for healthy behavior. Healthrageous achieves its success by combining wireless biometric sensors, smart phones, individualized coaching, incentive programs and social network support in a real-time, interactive, feedback-rich experience that keeps individuals involved and motivated toward achieving their personal health and wellness goals.
“Although we’re seeing more and more health insurance companies use social media and apps to increase patients’ engagement in their health, not many companies offer, non-gamified initiatives and even fewer of those are multiple sources of health data, engagement, and digital coaching that addressed both prevention and chronic disease,” commented Mary Beth Chalk, CEO of Healthrageous. “That definitely played into the level of difficulty in finalizing this transaction, but the Covington team was in the trenches with us. Their diligence allowed us to not only reach a successful outcome, but to do so quickly.”
Noted Jack Langworthy, Managing Director, who led the Covington Associates team which advised Healthrageous in this transaction, “The buyer recognized that Healthrageous had done a lot of groundbreaking work in this growing area. We were able to consummate a transaction quickly as the buyer wanted to leverage Healthrageous’s assets into its own complementary initiatives.”
Healthrageous, Inc. is an Accountable Health company that supports individual journeys to prevent and self-manage chronic health conditions via the web and a mobile app. It achieves superior engagement through its proprietary platform that incorporates personalized goal setting, health journey maps with gaming dynamics, timely biometric feedback and interactive digital coaching. The digital coach leverages multiple tools such as inspirational messages, recognition and incentives, challenges, social networking, trackers and reminders, and interactive educational content. The company’s solutions are based on technologies developed at the Center for Connected Health, a division of Partners HealthCare, founded by Brigham and Women’s Hospital and Massachusetts General Hospital, teaching affiliates of Harvard Medical School.
About Covington Associates
Covington Associates is a premier boutique investment banking firm with offices in Boston, Chicago, and New York. Founded in 1991, the vision for Covington Associates has been to provide our clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Covington offers advisory services in the areas of mergers and acquisitions (“M & A”), capital raising, strategic advisory, fairness opinions, valuations and follow-ons to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies with compiled transaction value in excess of $15 billion.