Current Health delivers second-largest digital health exit in Europe with sale to Best Buy for approximately $400m
Current Health, a care-at-home technology platform that brings together remote patient monitoring, telehealth, and patient engagement into a single solution for healthcare organisations, has become Europe’s second-largest digital health exit following its acquisition by US-based consumer electronics retailer Best Buy – after announcing a value of approximately $400m in Wednesday’s earnings call.
Best Buy announced its acquisition of Current Health last month, but financial terms were not disclosed until then.
Founded in Scotland in 2015 by CEO Christopher McCann and CTO Stewart Whiting, Current Health’s enterprise care-at-home platform enables healthcare organisations to deliver high-quality, patient-centric care at a lower cost across all acuities. The company integrates patient-reported data with data from biosensors – including its own continuous monitoring wearable device – to provide healthcare organisations with actionable, real-time insights into the patient’s condition.
The acquisition follows a $11.5m (£9m) Series A funding round in 2019 led by MMC Ventures – which has invested in the business since July 2018 and participated pro rata in the $40m US Series B earlier this year.
The Series A funding facilitated the essential deepening of the US team, including a non-executive director, Todd Rothenhaus, CFO, John McLean, and Chief Medical Officer, Adam Wolfberg, and propelled partnership agreements with the Mayo Clinic and Dexcom – putting the company in a strong position ahead of the global coronavirus pandemic.
The Series B round provided $40m from US healthcare VCs and existing investors to fund the company’s accelerating growth – with Best Buy approaching the company soon after.
Current Health identifies when a patient needs clinical attention leveraging clinical algorithms that can be tailored to the individual patient, allowing organisations to manage patient care remotely or coordinate in-home care via its integrated service partners. The Current Health platform brings together telehealth capabilities, patient engagement tools, and in-home connectivity to provide a single solution to manage all care in the home.
Today, 13 of the largest healthcare systems in the United States and United Kingdom – including Mount Sinai and Dartford & Gravesham NHS Trust – use Current Health to manage patient care, leading to shortened hospital stays, reduced hospital readmission rates, improved patient satisfaction and better patient outcomes.
Christopher McCann, CEO, Current Health, comments: “Over the coming decade, significantly more healthcare can be delivered in the home. We started Current Health to make that exciting transition radically easier for healthcare providers to achieve. Best Buy has unparalleled physical reach, world-class supply chain logistics, and trusted support services–allowing us to provide a high-touch consumer experience, at scale. We’re excited to join with Best Buy Health to move safe and effective healthcare into the home globally.”
Bruce Macfarlane, Investor, MMC, comments: “MMC is very proud to have partnered with Chris, Stewart and their team from a very early stage. It has been a massively exciting journey and a valuable learning experience for us in what it takes to expand in the US, particularly with respect to the US healthcare markets’ ongoing adoption of value-based healthcare.”