Healthtech company ModivCare announced Tuesday it acquired VRI Intermediate Holdings, a startup offering remote patient monitoring, for $315 million.
This is Denver-based ModivCare’s third acquisition in just three months. ModivCare acquired CareFinders for $340 million last month, and WellRyde for an undisclosed amount in May.
ModivCare isn’t the only company on an acquisition streak. In fact, over the last decade, venture-backed startups have been buying competitors at a record pace. From January to mid-July, nearly 270 venture-backed companies acquired other venture-backed entities, according to Crunchbase.
“The acquisition of VRI brings us a national remote patient monitoring and medication management platform, accelerating our strategy to build a holistic suite of supportive care solutions designed to address the social determinants of health, deliver better care in the home, enhance patient lives and reduce healthcare costs,” Daniel E. Greenleaf, ModivCare president and CEO, said in a statement. “Moreover, by leveraging VRI’s data analytics and technology, we expect to bring a more connected care experience into the homes of underserved patient populations and provide valuable insight to our payor partners.”
VRI will remain in Ohio and Illinois under the leadership of CEO Jason Anderson, according to a news release.
ModivCare, formerly LogistiCare, was founded in 1986 as a logistics and data technology company serving the ambulance industry. Today, ModivCare is a technology-enabled healthcare company offering services like non-emergency medical transportation, nutritional meal delivery, personal and home care to public and private payors and their patients. The healthtech company, previously headquartered in Atlanta, moved to Denver last August and rebranded in January.
ModivCare is actively hiring for hundreds of roles across the United States, including dozens of positions in Colorado. Open positions in the Centennial State range from engineers and analysts to a human resources assistant and graphic designer.
