Innovaccer Expands Healthtech Portfolio with 100% Stake Acquisition of Cured

• ByStartupStory     |    January 18, 2024

Healthtech unicorn Innovaccer has acquired a 100% stake in digital marketing and customer relationship management startup Cured. According to a statement from Innovaccer, the acquisition will expand its portfolio with over 20 new health systems and digital health clients, adding to its existing base of more than 95 customers.

Cured, founded in 2018 by Andrew Sawyer, Ashmer Aslam, and Rohit Narayan and based in Colorado, offers solutions to help healthcare organizations engage seamlessly with their customers throughout their care journey.

As part of the acquisition, the three founders of Cured will take on leadership roles within Innovaccer, contributing to the unicorn’s CRM strategy. Innovaccer plans to utilize Cured’s expertise in patient and member outreach, engagement, and growth strategy to enhance its own CRM capabilities. The integration of Cured’s services with Innovaccer’s CRM is expected to drive innovations that improve the patient experience and outcomes.

Innovaccer’s cofounder and CEO Abhinav Shashank expressed his enthusiasm for the acquisition, stating, “We were looking for companies who could help us enhance our experience pillar’s focus on improving patient experiences. Cured was the perfect fit, with a team that shares our passion and innovative mindset and a compelling approach to disrupt healthcare CRM.”

Cured’s cofounder and CEO Andrew Sawyer also commented on the acquisition, highlighting the synergy between the two companies. He stated, “There’s a natural synergy between our companies… With our library of over 80 curated, healthcare-specific journeys, and AI-enhanced propensity models, combined with Innovaccer’s contact centre and industry-leading consumer data platform, we can really accelerate innovation to transform the patient experience—an area long overdue for improvement and lacking healthcare data and context by traditional CRMs and patient engagement solutions.”

Founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer achieved unicorn status in 2021 after securing $105 million in Series D funding from Tiger Global. The company’s solutions have been deployed in over 1,600 hospitals and clinics in the US, impacting more than 96,000 clinicians. Innovaccer claims to have unified health records for over 54 million people and generated cumulative cost savings of over $1.5 billion for its clients.

However, Innovaccer faced challenges last year when it had to lay off about 245 employees, approximately 15% of its workforce, impacting teams in both India and the US.

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