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Health Technology

The Merger of Datavant and Ciox Health Creates the Largest Neutral and Secure Health Data Ecosystem

Datavant | June 10, 2021

Datavant, the leader in assisting healthcare organizations in securely connecting their data, and Ciox Health, the leader in clinical data exchange, announced that they had signed a formal agreement to merge the two companies in a $7.0 billion transaction. The combined entity, known as Datavant, will be the nation's largest health data ecosystem, allowing patients, providers, payers, health data analytics companies, patient-facing applications, government agencies, and life science business owners to share patient-level data securely.

 

The combined company aims to improve patient outcomes and save costs by eliminating barriers to the secure exchange of health data. Datavant will enable hundreds of companies in its ecosystem to access, exchange, and connect data for use cases ranging from enhanced clinical care and value-based payments to health analytics and medical research.

 

Datavant's combined ecosystem will now include:

•    More than 2,000 U.S. hospitals and more than 15,000 clinics
•    More than 120 health plans
•    More than 100 health data analytics companies
•    More than 30 life science companies
•    More than 70 academic institutions and non-profits
•    More than 75 states, local, and federal government agencies

 

An existing investor group of private equity, venture capital, and strategic investors led by New Mountain Capital, Roivant Sciences, Transformation Capital, Merck Global Health Innovation Fund, Labcorp, Cigna Ventures, Johnson & Johnson Innovation – JJDC, Inc., and Flex Capital is supporting the transaction. It also includes substantial new investment from Sixth Street and participation from Goldman Sachs Asset Management's West Street Strategic Solutions fund. After the acquisition is completed, Sixth Street will join the new company's Board of Directors.

 

After the transaction is completed, the new company will be managed by current Ciox CEO Pete McCabe as CEO, and current Datavant CEO Travis May will assume the post of President and join the Board of Directors.

 

The merger is subject to regulatory approval and is scheduled to close in the third quarter of 2021. New Mountain and Ciox were advised financially by Deutsche Bank, Goldman Sachs, and Triple Tree. New Mountain and Ciox were represented by Ropes & Gray LLP, while Goodwin Procter LLP represented Datavant. Sidley Austin LLP represented sixth Street and Goldman Sachs.

 

About Datavant

The objective of Datavant is to connect the world's health data to enhance patient outcomes. Datavant strives to eliminate the friction associated with data sharing in the healthcare industry by developing technology that protects patients' privacy while linking de-identified patient records across datasets. Datavant is based in San Francisco.

 

About Ciox Health

The Ciox platform connects data, improves patient outcomes, and lowers healthcare costs by using the industry's most extensive clinical data network. Ciox connects healthcare decision-makers to the data and hidden insights in patient medical records simply and safely. Ciox's solutions for data acquisition, information release, clinical coding, and data abstraction assist customers in safely and consistently resolving last mile challenges in healthcare interoperability to serve various needs ranging from research to the revenue cycle.
 

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