Stericycle, Inc. | December 05, 2022 | Read time : 02:00 min
Stericycle, Inc. a leading provider of regulated medical waste management and secure information destruction solutions, announced that it has completed the divestiture of its Communication Solutions business to Carenet Health, one of the healthcare industry’s leading consumer engagement and telehealth partners, for approximately $45 million in cash, subject to customary adjustments. Stericycle intends to use the net proceeds from the divestiture to pay down outstanding debt.
Stericycle Communication Solutions provides online scheduling, automated messaging and strategic inbound and outbound call center services to drive patient access, action and adherence. For the nine months ended September 30, 2022, the Communication Solutions business had revenues of approximately $45 million, reported in the North America segment, as part of Regulated Waste and Compliance Services revenues. In connection with the closing, Stericycle and Carenet Health entered into a purchase and transition services agreements. The divested business includes approximately 500 team members in North America.
“The sale of Stericycle Communication Solutions demonstrates our continued commitment to deliver on our portfolio optimization key business priority, marking our eleventh divestiture since 2019. By further streamlining our company, we are taking another step in our journey to focus on our core businesses and improve sustainable operational efficiencies. I would like to thank our team members transitioning to Carenet Health and wish them much success as they work to deliver better experiences and outcomes across the patient journey."
Cindy J. Miller, chief executive officer of Stericycle
About Carenet Health
Carenet Health is one of the healthcare industry’s leading consumer engagement and telehealth partners—providing consumer engagement, clinical support, virtual care and advocacy solutions on behalf of 250+ of the nation’s premier health plans, providers, health systems and Fortune 500 companies. One in four Americans have access to Carenet’s services. Carenet is headquartered in San Antonio, Texas, with additional office locations in New Mexico, Maine and the Philippines.
Stericycle, Inc., is a U.S. based business-to-business services company and leading provider of compliance-based solutions that protects people and brands, promotes health and well-being, and safeguards the environment. Stericycle serves customers in the U.S. and 16 countries with solutions for regulated waste and compliance services and secure information destruction.