Telehealth platform company eVisit acquired health tech firm Bluestream Health in a deal finalized Thursday morning.
Terms of the deal were not disclosed. Phoenix-based eVisit said it will implement Bluestream’s integrated language services into its telemedicine platform. eVisit will add 198 additional languages plus American Sign Language from Bluestream's translation services to its platform.
The Bluestream acquisition will allow eVisit to scale its acute and enterprise care offerings more quickly, said CEO Sachin Agrawal. It will double eVisit’s customer base -- including physician networks, hospitals and health systems -- to more than 100 organizations.
Acquiring Bluestream also bolsters the company’s ability to expand into new sectors such as organizations focused on public health care delivery and incarcerated populations, Agrawal said.
“[There are] a lot of the same foundational issues,” Agrawal said. “An underserved population, often ignored [with] significant health care needs [and] high barriers to access that can be addressed through, opening up more effective digital front doors and seamless workflow.”
Agrawal said broader economic conditions had less of an impact on the deal. Instead, he highlighted the importance of distilling software offerings for providers.
“I think this market will benefit from increased consolidation of really, [what are] kind of fragmented capabilities,” Agrawal said. “We're going to continue to be opportunistic about ways to consolidate so that we can be more [comprehensive] and what we can offer our customers.”
According to Agrawal, eVisit will retain more than 90% of Bluestream’s workforce. Duplicate roles were identified in some sales and marketing roles, he said. The company declined to provide the number of affected employees..
eVisit was founded in 2014 and has raised $75 million to date, a large portion of which came from a $45 million Series B round in 2021 led by Goldman Sachs Asset Management.