HealthStream pays $25M to acquire Portland startup NurseGrid, maker of a mobile app for nurses – GeekWire
Publicly-traded healthcare business HealthStream has obtained NurseGrid, a Portland, Ore.-dependent startup that develops software and applications for nurses.
HealthStream paid out somewhere around $25 million in funds as aspect of the deal, which contains a 10 per cent stake it obtained from a former financial investment in NurseGrid.
Started in 2013, NurseGrid sells staffing and scheduling software constructed for nurses. There are much more than 260,000 every month energetic consumers on NurseGrid, which offers each the app and NurseGrid Business, a SaaS-dependent merchandise for nurse supervisors.
“NurseGrid has an very energetic and engaged local community of nurses who have created our app aspect of their schedule,” NurseGrid CEO Rob MacNaughton explained in a assertion. “Much of NurseGrid’s advancement, to date, has been word of mouth. Now, with HealthStream, we can develop the arrive at of NurseGrid Mobile and NurseGrid Business by tapping into the HealthStream network.”
Healthstream released again in 1990 and sells a range of healthcare HR-linked solutions, such as onboarding software and a digital mentor for nurses. The business has much more than 850 staff members and described $254 million in earnings last 12 months, up 10 per cent.
“We price the local community of nurses employing NurseGrid and believe that, together, HealthStream and NurseGrid can deliver much more price to nurses and the healthcare companies they do the job for,” HealthStream CEO Robert A. Frist, Jr. explained in a assertion.
Joe Novello, a longtime nurse, founded NurseGrid and ran the business until eventually February 2019, when MacNaughton took above following a stint with Cambia Health Alternatives. Novello stepped down from the board this past December, according to his LinkedIn profile.
“HealthStream has a been a fantastic supporter of NurseGrid they are the fantastic fit to get NurseGrid and our local community of nurse consumers to the following degree,” Novello explained in a assertion.
NurseGrid is unprofitable and employs somewhere around 20 persons. The business elevated $12.5 million from investors. Backers consist of Hatteras Enterprise Companions, Excelerate Health Ventures, Toba Funds, HealthBox, and the Portland Seed Fund.
HealthStream expects earnings contributions of fewer than $500,000 from the acquisition this 12 months.