This transaction unites two best-of-breed technologies to deliver one of the most complete solutions on the market. The two companies first partnered in 2015 to bring GetInsured's individual exchange capabilities to the insurer market through the Array Health product suite.
"Our vision has always been to help consumers purchase a health insurance plan that fits their personal needs, no matter which type of health insurance they may need," said Chini Krishnan, GetInsured's CEO and co-founder. "This acquisition strengthens our mission and answers the need of employers for an all-in-one solution that addresses group, individual and Medicare options. As a combined entity, we are a formidable force in the evolving digital health and insurance technology markets, leveraging the strengths of our technological innovations, delivery infrastructure and services to more effectively serve both consumers and businesses."
Krishnan will remain CEO of the combined company. Array Health co-founder and CEO Jonathan Rickert will serve as senior vice president and general manager of the Insurer Business Unit.
"Gartner, in its April 2016 Market Guide for U.S. Healthcare Payer Private Exchange Technology, noted that consolidation in the private exchange market would occur as vendors sought to achieve scale and proficiency in a highly competitive market," said Rickert. "This acquisition was the next logical step for GetInsured and Array Health, enabling us to maximize our respective strengths and innovative technologies to deliver flexible solutions for our customers."
With this acquisition, GetInsured is well positioned to address the fundamental changes taking place in the health insurance market, as the traditional role of providers and insurers evolve with the advent of accountable care organizations (ACOs) and provider-sponsored plans. The company will be able to offer a single platform that is capable of supporting members as they transition through individual, group and Medicare plans as their lives change.
The company's headquarters will be in Mountain View, Calif., while engineering, product management, sales and services in support of the insurer line of business will be based in Seattle. Financial details of the transaction were not disclosed.
GetInsured is a cloud-based health insurance exchange platform that combines modern technology and customer service capabilities to make health insurance shopping easy and efficient. Since its founding in 2005, GetInsured has helped millions of consumers find the right health plan for their needs and budgets. GetInsured is approved by the federal government to enroll Americans in subsidized health insurance plans, and also provides state governments and employers with SaaS-based technology solutions for public and private health insurance exchanges. For more information, please visit www.GetInsured.com.
About Array Health
Array Health brings consumers and insurers closer together by powering a personalized health insurance experience. Its cloud-based ecommerce software platform enables health insurers to deliver their own branded online exchange — including ecommerce support throughout the value chain of brokers, employers and consumers, across all lines of business. The company's technology gives employers a new way to control costs and personalizes the health insurance experience for consumers, enabling them to make more informed decisions and to more deeply engage in their health. Array Health is a privately held company based in Seattle. To learn more, visit arrayhealth.com.
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