New company poised to improve costs and outcomes with comprehensive employer health platform that combines AI-powered technology, valuable data insights, and live expert support
Providence, RI, and Fresno, CA, November 9, 2023 – Virgin Pulse, a leading global digital-first health, wellbeing, and navigation company, and HealthComp, a next-generation benefits and analytics platform, today announced the completion of their merger. Together, the new company will address the issues of increasing healthcare costs and complexity with an innovative, holistic approach that brings together engaging technology, data, and expert services in an all-in-one platform.
The new, unified company aims to reduce healthcare costs and improve outcomes by delivering a comprehensive health platform-as-a-service that leverages leading technologies and AI-driven data models to significantly improve member decision making and behavior. Together the company will deliver:
- Innovative and flexible health plan designs that meet their employees’ unique needs – Resulting in an average savings of up to $3,000 per employee per year
- A high-engagement member experience with concierge level service for clients and members – Driving members to return an average of 6 times daily and a sustained engagement rate of up to 50%
- Whole health advocacy, support, and navigation with an integrated approach– Leading to improvements such as 48% lower inpatient costs for members and a 3:1 value-on-investment for clients
“Today is an exciting day for our clients, members, and employees,” said Chris Michalak, CEO of Virgin Pulse and HealthComp. “We are stronger together as one purpose-driven organization with the technology, talent, and opportunity to radically change how people engage with and navigate the healthcare ecosystem. This combination will deliver on the ultimate vision of the Homebase for Health platform, and I’m looking forward to making a bigger impact on the lives of millions of people.”
New Mountain Capital is the majority owner of the new company. Marlin Equity Partners will maintain minority ownership. Other shareholders include Blackstone and Morgan Health.
J.P. Morgan Securities LLC acted as financial advisor to HealthComp. HealthComp’s legal counsel was Ropes & Gray LLP. Evercore acted as financial advisor to Virgin Pulse, with Kirkland & Ellis LLP and McDermott Will & Emery LLP serving as legal advisors.
About Virgin Pulse
Virgin Pulse is a leading digital-first health, wellbeing, and navigation company that empowers organizations across the globe to activate populations, improve health outcomes, and reduce spend in an era of accelerating cost and complexity. Virgin Pulse’s Homebase for Health® connects data, people, and technology to deliver high tech, human touch experiences that engage and reward individual journeys. Virgin Pulse impacts over 100 million people across 190 countries by helping Fortune 500, national health plans, and many other organizations change lives – and businesses – for good. For more tips and insights, connect with us on Twitter or LinkedIn.
HealthComp, a New Mountain Capital company, has a customized and responsive approach to health benefits administration. We advocate for our members to get the best possible care suited for their unique needs. Our next generation benefits and analytics platform brings together concierge-level service, best-in-class operations, powerful analytics, and expert medical cost management. HealthComp integrates seamlessly with any benefits ecosystem to drive a personalized experience that delivers higher clinical outcomes at lower costs. HealthComp has offices in California, Illinois, Kentucky, West Virginia, Louisiana, and Pennsylvania. For more information, visit https://healthcomp.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $45 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit http://www.newmountaincapital.com.
About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with approximately $9 billion in capital commitments. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions. The firm is headquartered in Los Angeles, California, with an additional office in London. For more information, please visit www.marlinequity.com.