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M&A Deal Summary

Icario Acquires NovuHealth

On October 1, 2020, Icario acquired information technology company NovuHealth from Noro-Moseley Partners and SSM Partners

Acquisition Highlights
  • This is Icario’s 1st transaction in the Information Technology sector.
  • This is Icario’s 1st transaction in the United States.
  • This is Icario’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2020-10-01
Target NovuHealth
Sector Information Technology
Buyer(s) Icario
Sellers(s) Noro-Moseley Partners
SSM Partners
Deal Type Merger

Target

NovuHealth

Minneapolis, Minnesota, United States
NovuHealth is an operator of consumer engagement company, combining performance analytics, behavior science, and comprehensive technology solutions, the Company’s rewards and engagement programs enable health plans to increase high-value member activities improving member health and driving plan performance. NovuHealth was founded in 2010 and is based in Minneapolis, Minnesota.

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Buyer(S) 1

Buyer

Icario

Minneapolis, Minnesota, United States
Category Company
Founded 2006
Sector Information Technology
DESCRIPTION

Icario is a health action company focused on connecting people to health. Icario uses pioneering behavioral research, data science, and our adaptive multi-channel platform to deliver personalization at scale for the most trusted healthcare organizations in all 50 states, including seven of the 10 largest health plans. Icario was founded in 2006 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 1 of 2
Sector: Information Technology M&A 1 of 2
Type: Merger M&A Deals 1 of 1
State: Minnesota M&A 1 of 1
Country: United States M&A 1 of 2
Year: 2020 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-08 ChipRewards

Birmingham, Alabama, United States

ChipRewards offers a fully configurable, enterprise-wide incentive and engagement platform, including targeted rewards and incentives, that provides a flexible solution for health plans. The platform's agility enables health plans to dynamically configure an unlimited number of health action engagement programs across highly diverse populations. ChipRewards was founded in 2007 and is based in Birmingham, Alabama.

Buy -

Seller(S) 2

SELLER

Noro-Moseley Partners

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1983
Size Small
Type Sector Focused
DESCRIPTION

Noro-Moseley Partners is a private investment group focused on growth stage investments in healthcare services and healthcare IT companies. The Firm typically invests in the first institutional round, in emerging IT and healthcare innovation hubs across the US. Noro-Moselely seeks companies with strong management, meaningful customer validation, and capital efficient business models with large addressable markets. Noro-Moseley Partners was established in 1983 and is headquartered in Atlanta, Georgia.

DEAL STATS #
Overall 2 of 5
Sector: Information Technology M&A 1 of 2
Type: Merger M&A Deals 1 of 1
State: Minnesota M&A 1 of 1
Country: United States M&A 2 of 5
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-17 Ekos

Charlotte, North Carolina, United States

Ekos is a provider of business management software for independent craft breweries, cideries, and wineries. Ekos' software suite is the key system of record and workflow for its customers, which include craft breweries and other craft food and beverage makers. Ekos was founded in 2014 and is based in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-30 Contessa Health

Nashville, Tennessee, United States

Contessa Health provides and manages episodic risk arrangements for Commercial and Medicare Advantage health plans. By combining the proprietary platform, ContradoClaim, with evidence-based clinical protocols and managed services, Contessa Health enables both payers and providers to successfully operate prospective episodic risk programs. Contessa Health was founded in 2015 and is based in Nashville, Tennessee.

Sell -
SELLER

SSM Partners

Memphis, Tennessee, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

SSM Partners is a private equity firm that targets investments in smaller, rapidly growing, private companies based in the Southeast US. Areas of interest include business/outsourcing services, healthcare and consumer services. SSM focuses on transactions requiring $10 to $30 million of equity. Prospective transactions include growth financings, acquisitions, management led buyouts, and recapitalizations. SSM will also consider early-stage opportunities. SSM Partners is based in Memphis, Tennessee.

DEAL STATS #
Overall 26 of 28
Sector: Information Technology M&A 5 of 6
Type: Merger M&A Deals 2 of 2
State: Minnesota M&A 1 of 1
Country: United States M&A 26 of 28
Year: 2020 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-04 SmashFly Technologies

Concord, Massachusetts, United States

SmashFly Technologies, Inc. is an operator of enterprise recruitment marketing and candidate relationship management (CRM) technology. SmashFly Technologies was founded in 2007 and is based in Concord, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-09 Apixio

San Mateo, California, United States

Apixio is an operator of an AI healthcare analytics company that is developed to a patented analytics platform to improve healthcare delivery through novel insights from medical records and administrative data. Apixio’s computing platform is built upon insights from analyzing more than 6 million patient charts. Apixio was founded in 2009 and is based in San Mateo, California.

Sell -
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