Fabric, a NYC-based healthcare technology company providing a care enablement system, acquired MeMD, a provider of virtual care benefits, from Walmart Inc (NYSE: WMT).
The amount of the deal was not disclosed.
Key highlights of the acquisition included:
- Employer and payer expansion: The acquisition of MeMD expands Fabric’s employer and payer solutions, advancing the company’s behavioral health strategy.
- Streamlined efficiency: MeMD customers will benefit from Fabric’s clinical intelligence and automation, which will further reduce the cost of care for employers and employees.
- Commitment to quality care: Fabric remains committed to delivering quality care and patient satisfaction. MeMD’s experienced team of healthcare professionals will join Fabric’s network, ensuring continuity of care and expertise.
MeMD, founded in 2010 and acquired by Walmart in 2021, has established itself as a used provider in virtual care, offering on-demand medical and behavioral health services to its members nationwide. The platform delivers quality care 24/7/365, and under Walmart’s ownership, MeMD experienced growth and expansion.
Fabric is a health tech company that empowers healthcare providers to deliver care to patients, employees, and health plan members. Leveraging conversational AI and intelligent adaptive interviews, it unifies virtual and in-person care across intake, triage, routing, and treatment while automating clinical workflows and consumer journeys. Customers include Luminis Health, OSF HealthCare, MUSC Health, Highmark, and Intermountain Health. Fabric is backed by General Catalyst, Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, BoxGroup, and Atento Capital.
Fabric recently closed a $60M Series A — continuing to drive rapid growth through organic sales and strategic acquisitions. The company is backed by General Catalyst, Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, BoxGroup, and Atento Capital.
FinSMEs
01/07/2024