What to know about the Revel and NovuHealth merger:
- The merger is effective immediately
- Steve Wigginton (NovuHealth CEO) will serve as CEO of the new entity and Jeff Fritz (Revel CEO) will serve as an advisor to the CEO and the board of directors
- The new company will launch a, “combined, next-generation SaaS platform”
- Revel and NovuHealth will spend the rest of the year merging teams and adding talent
- A new brand will be debut in 2021
The Quote: Steve Wigginton, NovuHealth CEO
“Jeff [Fritz] and his team built Revel into a high-growth company that has been revolutionizing the healthcare action space. Now, combined with the deep industry and regulatory experience of NovuHealth, including market leading capabilities in combining both extrinsic and intrinsic rewards, we have an unparalleled ability to deliver personalized, omnichannel communications at scale across healthcare. We consider this both a technological and process advantage for the merged company.”
Read the full details in the news release below. Release has been edited for length.
MINNEAPOLIS, Oct. 1, 2020 /PRNewswire/ — Revel and NovuHealth, two of the nation’s leading healthcare consumer engagement, communications and technology companies, today announced a merger of the companies effective immediately. The merger establishes Revel and NovuHealth as the largest technology company focused on member engagement for healthcare’s most trusted organizations. NovuHealth CEO Steve Wigginton will serve as CEO, while Revel CEO Jeff Fritz will transition to an advisor to the CEO and the board of directors of the merged company.
“There is enormous pressure to motivate health actions as health plans, federal and state regulators, and consumers all look for new ways to engage with the healthcare system and impact outcomes,” said Steve Wigginton, CEO of NovuHealth. “Jeff and his team built Revel into a high-growth company that has been revolutionizing the healthcare action space. Now, combined with the deep industry and regulatory experience of NovuHealth, including market leading capabilities in combining both extrinsic and intrinsic rewards, we have an unparalleled ability to deliver personalized, omnichannel communications at scale across healthcare. We consider this both a technological and process advantage for the merged company.”
“This merger creates a dream team of experts in consumer marketing, behavioral science, healthcare regulatory expertise, data science and technology,” said Jeff Fritz, CEO of Revel. “This is a rare opportunity to connect the complementary nature of the Revel and NovuHealth platforms to create personalization at scale for the most trusted healthcare organizations. The result is a platform designed to reach the full spectrum of members including the hardest to reach, noncompliant consumers who are the toughest to motivate to take healthy actions,” Fritz said.
Together, Revel and NovuHealth work with more than 50 healthcare organizations, including seven of the top 10 largest health insurers in the United States representing more than 65 percent of all members in government programs such as Medicare and Medicaid.
“These are two mission-driven companies that have the requisite technologies, creativity and business acumen to revolutionize the ever-expanding healthcare communications and engagement marketplace,” remarked Kevin Barrett, chairman of Revel and former executive vice president of Change Healthcare and president of the Altegra Health division. “Today’s announcement will come as welcome news to healthcare organizations facing increased regulatory and financial pressure to get their members to take healthy actions.”
“NovuHealth was founded to engage and empower consumers to make choices that lead to healthier lives,” said Tom Wicka, founder and chairman of NovuHealth. “This merger extends the platform and capabilities of both companies to positively impact the people we serve.”
Over the course of the next few months, the Revel and NovuHealth teams will be working to merge their sales and marketing operations, customer experience, operations and product teams. The culture of this company will be reflective of both organizations, which are already quite similar in this respect. The new company will continue to operate in growth mode and expects to add professional talent through the balance of the year. The company will reveal a new brand for the combined enterprise in the new year. More details about the merger and its impact can be found at www.therevolutioncontinues.health.
TripleTree, LLC served as financial advisor and Bass, Berry & Sims PLC was legal advisor for this transaction.
