Acquisition Creates One of the Largest Point-of-Care Digital Ad Networks in the Country
NEW YORK, October 21, 2022 /PRNewswire/ — CheckedUp (or the “Company”), a leading provider of 100% digital point-of-care healthcare solutions, today announced the acquisition of Health Media Network (“HMN”) ), a digital health solutions provider of healthcare solutions and wellness content to healthcare facilities across the country. Financial terms of the transaction were not disclosed. CheckedUp is backed by Rockbridge Growth Equity (“Rockbridge”), a partnership-focused, middle-market private equity firm with a differentiated approach to building and growing businesses.
The transaction brings together two of the largest companies in the out-of-home point-of-service digital space, changing the market landscape. The combination creates a large-scale digital network focused on technological innovation and the provision of dedicated customer service and support. HMN will provide increased network reach and presence in key healthcare verticals, which will complement CheckedUp’s existing footprint. The combined business will have the opportunity to provide a broader range and depth of offerings to a wider range of healthcare customers.
“The addition of HMN is transformational for CheckedUp, and underscores our commitment to growth and significantly accelerates our expansion into multiple medical specialties, providing greater scale for our customers,” said Dr. Richard Awdeh, CEO of CheckedUp. “As we grow, CheckedUp remains committed to our customer-centric engagement and support model by investing in new, cutting-edge technology and delivering the most innovative point-of-service offering.
Co-founder of CheckUp Marc Awdeh said, “We changed the point-of-service technology landscape when we founded the company 10 years ago, and we look forward to further disrupting the industry in this next stage of our development.
Based at Norwalk, Connecticut, HMN offers premium communication tools and video content to deliver a more meaningful experience for patients, caregivers and healthcare professionals. HMN’s assets include an internet-connected addressable digital television network covering therapy specialties such as cardiology, neurology, women’s health and infectious diseases, as well as custom wall panels and wellness literature organized for each office. Content is updated daily for its healthcare networks for women, men, families, children and pets, as well as condition-specific networks such as cardiology and orthopedics.
Founded by ophthalmologist Dr. Awdeh and Mark Awdeh, CheckedUp supports the treatment decisions of healthcare providers and patients with its digital technologies, including waiting room displays and interactive digital wall panels. CheckedUp’s technology transmits disease and treatment information through its digital network at critical times when medical decisions are made. The Company has experienced a period of rapid growth in recent years.
“The need for high-quality, point-of-care healthcare content continues to grow, and the combination of CheckedUp and HMN creates a company that we believe has the capabilities, reach and medical expertise to meet this demand. request,” said Kevin Prokop, Managing Partner at Rockbridge Growth Equity. “When Rockbridge invested in CheckedUp, we saw an opportunity to grow the platform through strategic acquisitions, and we are delighted to have worked with Richard and Mark to achieve this goal quickly. We are delighted to partner with CheckedUp and to take advantage of this landmark acquisition.”
HMN was represented by Covington Associates and Carmody Torrance Sandak & Hennessey, and CheckedUp was represented by Honigman and Greenberg Traurig. Senior debt financing was provided by Comvest.
CheckedUp is a physician-founded digital patient education company that actively engages patients, caregivers, and physicians at the point of care. The company is one of the nation’s largest 100% digital, specialty point-of-care networks with a nationwide footprint, delivering active, patient-specific engagement through a variety of digital touchpoints, including TVs in waiting rooms and interactive digital wall panels in exam rooms. Offices of healthcare providers and healthcare hospital systems across the United States. For more information on CheckedUp, visit www.checkedup.com.
About Rockbridge Growth Equity
Founded in 2007, Rockbridge Growth Equity is a middle-market private equity firm committed to helping founder-operated and established companies accelerate growth and create sustainable, long-term value. Rockbridge combines the flexibility of a financial sponsor with the benefits of a strategic partnership by leveraging the company’s relationship with the Rock family of companies, which provides access to industry and functional expertise. At the end of 2021, Rockbridge has regulatory assets under management of over $1.2 billion in its target sectors: e-Commerce and marketing services, financial and fintech services, technology-based products and services and digital media. For more information, please visit www.rbequity.com.
SOURCE checked; Rockbridge Growth Stocks