Icario, the healthcare industry's largest health action company, today announced it has acquired ChipRewards, a leading SaaS platform used by health plans and employers to configure and manage consumer engagement programs. With this acquisition, Icario adds self-service configurability and management capabilities that empower health plan teams to customise their approaches to engagement across enrollment, targeted health actions, retention, satisfaction and overall experience initiatives.
"We are thrilled to welcome the team that built the ChipRewards platform to Icario," said Steve Wigginton, CEO of Icario. "They have worked in close collaboration with the leading health plans in the country to build a high level of configurability and a superior consumer experience for their clients, and we look forward to extending the platform with Icario's Insight, Connect and Personalization Engines."
"Our business has always been about helping health plans and employers grow and sustain relationships with members, and we can now do that even more effectively under the Icario umbrella," said Trey Hamer, Co-founder and CTO of ChipRewards, who will assume the role of President, ChipRewards. "We look forward to the dual win of helping Icario customers benefit from our existing capabilities while also opening up the vast benefits of the Icario platform to our current customer base."
ChipRewards offers a fully configurable, enterprise-wide incentive and engagement platform, including targeted rewards and incentives, that provides a flexible solution for health plans. The platform's agility enables health plans to dynamically configure an unlimited number of health action engagement programs across highly diverse populations. The SaaS platform includes seamless integration of a variety of rewards and incentives options, portal and app integration. Designed for a simple and efficient end-user implementation experience, the HITRUST compliant technology enables non-technical launch and management by diverse end users across customer support, sales, client services, brokers, and health plan quality and growth leaders.
The acquisition comes as CVC Capital Partners ("CVC"), a leading global private equity firm, has completed its acquisition of a majority interest in Icario through its CVC Growth Partners II fund. That announcement was first revealed in May.
"When we announced our majority investment in Icario, we were excited to support its organic and inorganic growth ambitions based on its business roadmap," said Aaron Dupuis, Partner at CVC. "This strategic acquisition is aligned with our vision of establishing Icario as the leading platform for driving health plan performance through personalisation at scale."