The target provides tools that help consumers shop for medical care. The deal was announced in September.
“This is an exciting day for both companies as we complete the acquisition of Sapphire and accelerate our efforts to harmonize health care payments and to help health care consumers navigate their health care financial journeys,” Zelis Chief Executive Officer Amanda Eisel said in a statement. “In the short term, we’re looking forward to supporting our clients in remaining compliant with legislative requirements, including the No Surprises Act and Transparency in Coverage rule.”
According to the companies, more than 100 patients use Sapphire’s products to make health care decisions.
“We’re thrilled to become part of Zelis as together we amplify our offerings and help healthcare consumers to make more informed choices on care,” said Kyle Raffaniello, Sapphire’s CEO. “Already, we’re building plans to drive a better experience for healthcare payers and their members.”
Bedminster-based Zelis has been active in throughout 2021. Eisel was appointed CEO in August, replacing R. Andrew Zeckert who left for personal reasons. In January, the company hired former Mondelez International CFO and Bain Capital partner Brian Gladden as chief financial officer. Most recently, Zelis refreshed its brand and redesigned its web site to better convey its efforts to provide a complete payment process for payers, providers and consumers. That move was announced in October.
Kirkland & Ellis represented Zelis in the Sapphire deal. TripleTree LLC served as financial advisor to the target; Lowenstein Sandler provided legal counsel.
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