Valify Acquires Lucro
A Nashville-based health-tech startup backed by HCA Healthcare Inc. and Martin Ventures has a new owner.
Lucro, which aims to connect hospital companies with the businesses trying to sell them products, has been purchased by Frisco, Texas-based health care cost-management company Valify, according to a news release. Terms of the deal were not disclosed.[This story was adapated by a news story from the Nashville Business Chronicle]
Launched in 2015, Lucro offers a marketplace for health systems to evaluate, compare and select health care product and service vendors. The company’s platform has caught the attention of Nashville-based HCA (NYSE: HCA), the country’s largest for-profit hospital chain, which led a $2.5 million investmentround into Lucro in 2016. Nashville-based investment firm Heritage Group and original backer Martin Ventures are also investors.
TechCXO has been supporting Valify with accounting and finance services led by CFO partner Viraj Parikh and supported by Frankie Kelly and Tammi Stollberg.
“We are excited to integrate Lucro’s platform, which aligns with and fortifies Valify’s existing features. Lucro has built an innovative, easy-to-use technology platform that automates how all buyers across a health care system evaluate and select their vendor partners,” Valify CEO Chris Heckler said in the release. “This transaction extends and enhances our ability to operate a marketplace, enabling our health care system customers to effortlessly collaborate with vendors, saving time and increasing bandwidth to realize additional cost savings through Valify’s technology.”
Valify provides health systems a suite of tools aimed at reducing costs through benchmark comparisons and advisory services, according to the release. The company has about 25 employees, according to the Dallas Business Journal.
“Combining Valify’s visibility and insights with Lucro’s capabilities gives vendors greater visibility and more partnership opportunities that fulfill a health care provider’s need for balancing cost and quality,” Lucro founder and Senior Vice President Cash Forshee said in the release.