Walmart Inc (NYSE: WMT) has offered its MeMD digital care subsidiary to healthcare know-how startup Material for an undisclosed sum. The acquisition builds upon MeMD’s earlier know-how partnership with Material to streamline affected person consumption and documentation.
After 5 years within the enterprise, Walmart introduced in April 2024 that it was closing 51 Walmart Well being facilities in addition to Walmart Well being Digital Care.
Material mentioned the acquisition would assist it develop its employer and payer options and advance the corporate’s behavioral well being technique.
MeMD, based in 2010 and purchased by Walmart in 2021, offers on-demand medical and behavioral well being companies to hundreds of thousands of members nationwide.
In February 2024, Material introduced its $60 million Collection A funding led by Basic Catalyst with continued participation by Thrive Capital, GV (Google Ventures), Salesforce Ventures, Huge Ventures, Field Group, and Atento Capital. On the time the corporate mentioned the funding was a “validation of our care enablement system that improves affected person entry whereas driving scientific and operational effectivity from symptom onset by means of digital and in-person remedy and post-visit engagement.”
The corporate mentioned its enterprise buyer base consists of Luminis Well being, OSF HealthCare, MUSC Well being, Highmark, and Intermountain Well being.
“The MeMD staff constructed a number one digital care providing, and we’re excited to welcome them to Material,” mentioned Aniq Rahman, founder and CEO of Material, in an announcement. “This acquisition aligns with our strategic imaginative and prescient to rework healthcare supply by means of progressive know-how and distinctive affected person care. The mix of our groups, know-how, and clinicians strategically positions Material to shortly develop throughout payers, employers, and supplier organizations.”
