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TAMPA— Health Insurance Innovations has completed its acquisition of Sunnyvale, Calif.-based HealthPocket Inc. for about $32 million in cash and stock.
Health Insurance Innovations plans to integrate HealthPocket's big-data-aggregation technology into its existing systems.
Founded in 2012, HealthPocket analyzes and aggregates what the company says is the largest repository of health insurance information and uses it to in the consumer website, HealthPocket.com. The website provides free, one-click access for consumers to review on-and off-exchange individual major medical, Medicare, employer-sponsored and ancillary health plans, ranked by price, doctor or hospital provider and even by personal prescription drug needs. The company makes money by selling targeted consumer referrals to health insurers and their agent. Bruce Telkamp and Dr. Sheldon Wang, two former senior executives of eHealth Inc., created HealthPocket with the financial backing of Lightspeed Venture Partners and Silicon Valley Bank.
“This transaction will significantly increase leads, drive sales and enable us to more swiftly expand into lucrative market adjacencies such as the $402 billion Medicare marketplace, the $35 billion ACA segment of individual major medical and the $220 billion employer-sponsored market, positioning the combined company for long-term leadership in our dynamic industry,” Mike Kosloske, CEO of Health Insurance Innovations, says in a press release.
Telkamp, CEO of HealthPocket, says that having the resources of Health Insurance Innovations behind it, will allow the company to continue to grow its technology investment and speed up consumer adoption.
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