Bedminster-based Zelis announced Sept. 14 that it acquired Sapphire Digital, a Lyndhurst-based company that provides technology solutions to support health care consumers find the lowest cost and highest quality care available.
Specific terms of the transaction were not disclosed.
Through the acquisition, Zelis will integrate Sapphire’s consumer navigation tools into its existing portfolio of solutions that currently serve 1.5 million providers and 700 payers, including the top five national health plans. Ultimately, the acquisition enables Zelis to accelerate the development of consumer-facing tools and further its focus on harmonizing the pricing and payments process for all health care constituents.
According to the announcement, more than 100 million people at more than 50 leading health plans, third-party administrators, and self-funded employers rely on Sapphire to help them price, select and access care. As part of the transaction, the Sapphire leadership team will join Zelis to help lead the combined company’s health care consumer solutions business.
“The financial and payments journey through health care remains an exceedingly complex and frustrating experience for payers, providers and members alike. Our mission is to harmonize the complete health care payment process by pricing, paying, and explaining health care. In the last five years, Zelis has transformed health care payments into a more seamless financial experience for payers and providers,” said Amanda Eisel, CEO of Zelis.
“We are thrilled to join forces with Zelis to better serve our collective customers and to fundamentally change the way we all navigate health care,” added Kyle Raffaniello, Sapphire Digital’s CEO. “Both companies have been tackling some of health care’s most intractable challenges, and now that Zelis and Sapphire are joining forces, we have the technology, people and energy to harmonize the complete pricing and payments process for all healthcare constituents.”
The transaction is expected to close in the fourth quarter.
TripleTree LLC served as the exclusive financial advisor to Sapphire Digital for this transaction. Sapphire Digital was represented by Lowenstein Sandler LLP and Zelis was represented by Kirkland & Ellis in the transaction.