Health Insurance Innovations, Inc. Acquires Healthcare Data Site for $32 Million
Health Insurance Innovations, Inc. (HII) announced on Monday, July 14 that it acquired the privately-held HealthPocket, Inc. for approximately $32 million in cash and stock, according to the Wall Street Journal.
HII offers industry-leading health plan development, virtual administration and agent distribution of affordable health insurance plans while HealthPocket is known for its data aggregation technology.
HealthPocket, founded in 2012, offers the only technology available to provide consumers independent comparisons and ranking of all health plans available in a single interface. Its website, HealthPocket.com, aggregates vast amounts of government, non-profit and private data for the U.S. health insurance, Medicare, Medicaid, as well as healthcare provider, network and cost data, according to an issued release.
“The incorporation of HealthPocket into Health Insurance Innovations fits with our growth strategy of continued innovation of unrivaled products and technology solutions within the insurance industry to further enhance our competitive advantage,” said Mike Kosloske, CEO of Health Insurance Innovations. “HII has achieved a track record of rapid year-over-year growth since 2009. This transaction will significantly increase leads, drive sales and enable us to more swiftly expand into lucrative market adjacencies such as the $402B Medicare marketplace, the $35B ACA segment of individual major medical and the $220B employer-sponsored market, positioning the combined company for long-term leadership in our dynamic industry.”
Benefits of the acquisition include a strong position and competitive advantage as health insurance aggregates, big-data driven insights to enter new markets and expand in others and a strong team with Bruce Telkamp and Sheldon Wang continuing as leaders of HealthPocket.
The aggregate merger consideration paid by HII was approximately $30.8 million, consisting of $20.8 million in cash, 788,000 shares of HII common stock, and options to purchase 113,000 shares of HII common stock. Additionally, HII also repaid HealthPocket’s outstanding bank debt of $1.2 million.
With the acquisitions, Health Insurance Innovations hopes to offer a unique consumer platform merging its online plan development with HealthPocket’s comparison tools.
Bachem turns 50 - a timeline
Bachem, a supplier to pharmaceutical and biotechnology companies worldwide, is celebrating its 50th anniversary this month. We take a look at the Swiss company's history.
1971 - beginnings
Bachem is founded by entrepreneur Peter Grogg in Liestal, a small town near Basel in Switzerland. Grogg started the firm with just two employees, and with a focus on peptide synthesis - peptides are composed of amino acids that have a variety of functions treating health conditions such as cancer and diabetes.
1977 - 1981 - early growth
Bachem moves its headquarters to the Swiss town of Bubendorf, with eight employees. In 1978 the company produces peptides for use in medicines for the first time. In 1981 production capacity triples and the workforce grows to 150.
1987 - 1996 - worldwide expansion
The company expands into the US with Bachem Bioscience, Inc. in Philadelphia. To strengthen its presence in Europe, Bachem opens sales and marketing centres in Germany in 1988.
Further sales centres open in France in 1993. By 1995 the company employs 190 people. In 1996 it acquires the second largest manufacturer of peptides in the world and forms Bachem California with a site in Torrance.
1998 - 2003 - Bachem goes public
Bachem company goes public and lists shares on the Swiss Stock Exchange. Further acquisitions include Peninsula Laboratories, Inc, based in California, and Sochinaz SA, a Swiss-based manufacturer of active pharmaceutical ingredients. By 2001, the company has 500 employees and sales reach 141 million CHF.
In 2003 the organisation is given a new legal holding structure to support its continued growth, which remains in place to this day.
2007 - 2013 - acquisitions
Bachem acquires a brand by Merck Biosciences for ready-to-use clinical trial materials and related services.
In 2013, together with GlyTech, Inc. Bachem announces the development of a new amino acid that can help to treat multiple sclerosis, with a world market of more than $4 billion.
In 2015 it acquires the American Peptide Company (APC), which becomes integrated into Bachem Americas.
2016 - 2019 - a global leader
In 2016 the group opens a new building dedicated to R&D projects and small series production in Bubendorf. With a total of 1,022 employees, the workforce exceeds the 1,000 mark for the first time in the company’s history. Sales are over the 200 million mark for the first time at 236.5 million CHF.
Bachem expands into Asia with the establishment of a new company in Tokyo called Bachem Japan K.K.
By 2019 Bachem has a growing oligonucleotide portfolio - these are DNA molecules used in genetic testing, research, and forensics. It is hoped this will become a significant product range in the future.
2020 - COVID-19
Despite the COVID-19 pandemic, Bachem secures its supply of active ingredients, and even increases it in critical areas. Sales exceed the 400 million Swiss franc mark for the first time, and 272 new employees are hired.
2021 - a milestone anniversary
Bachem celebrates its 50th anniversary and position as a global leader in the manufacture of peptides. While it remains headquartered in Bubendorf, the company employs 1,500 people at six locations worldwide. In the next five years there are plans to continue expanding.
Commemorating the company's anniversary, Kuno Sommer, Chairman of the Board of Directors, said: "Bachem's exceptional success story from a small laboratory to a global market leader is closely linked to Peter Grogg's values, and has been shaped by innovation, consistent quality and cost awareness, as well as by entrepreneurial vision."