Health insurance e-commerce site GetInsured acquires Array Health, will open Seattle office – GeekWire
GetInsured, a Bay Area based company that helps people shop for healthcare, today announced the acquisition of Array Health, a Seattle startup that provides group health insurance.
Founded in 2006, Array Health gives health insurers a branded online exchange that is used by employers who can personalize the health insurance experience for their employees. The company raised a $13 million round in 2014.
Array Health and GetInsured previously worked together, having partnered last year to combine GetInsured’s individual exchange technology — which helped 1.5 million people buy insurance last year — with Array Health’s products.
Array Health CEO Jonathan Rickert told GeekWire that an acquisition was “the next logical step” for his company. He said the company’s cultures “match each other perfectly.”
“In the healthcare technology industry, an acquisition is often the optimal exit strategy,” he noted. “We have always considered this a viable path if the right opportunity presented itself. GetInsured was that opportunity. Together we can pursue our shared objective to reinvent how consumers shop and enroll in health insurance.”
Chini Krishnan, GetInsured’s CEO and co-founder, said that the deal creates a “formidable force in the evolving digital health and insurance technology markets.”
“This acquisition strengthens our mission and answers the need of employers for an all-in-one solution that addresses group, individual and Medicare options,” he said in a statement.
Financial details of the deal were not disclosed. GetInsured will open an office in Seattle as a result, as the 30-person Array Health team — that employee count is down from 70 in 2014 — will remain in the city and focus on GetInsured’s insurer business unit. Krishnan will remain as CEO of the combined company, while RIckert will be senior vice president and general manager of the Insurer Business Unit.