The deal accelerates Wheel's growth into new markets and expands its existing partnership with GoodRx through multi-year agreement
AUSTIN, Texas, Nov. 11, 2022 /PRNewswire/ -- Wheel, the health technology company powering the future of care, today announced it will acquire GoodRx Care's backend virtual care technology, including its clinician-centric EMR, powerful clinical management tools, and flexible patient experience software. Wheel will integrate GoodRx Care's underlying technology to expand its existing virtual care platform capabilities and GoodRx will continue to own the consumer-facing GoodRx Care website and mobile app.
Today, Wheel powers virtual care on behalf of the most innovative companies in healthcare with its nationwide clinician network and white-labeled technology. Wheel will combine the best features of Wheel and GoodRx Care's technology in one platform, thereby empowering its customers to build and deliver innovative care services, and accelerate growth into new care models and markets — mobilizing the digital transformation of care.
The acquisition furthers the two companies' long-standing relationship. Since 2020, Wheel has provided its technology and trusted nationwide clinician network for the GoodRx Care service. Now, as GoodRx reprioritizes and sharpens its focus on driving affordable solutions for consumers, the companies have entered into a long-term strategic agreement where GoodRx continues to own the consumer-facing GoodRx Care website and mobile app, and Wheel powers the service with its underlying technology and clinician network. This deal will give GoodRx the flexibility it needs to continue providing access to telehealth solutions for its users.
"At a time when the healthcare industry is at a major inflection point, this acquisition accelerates our long-term strategy to power virtual-first care across the broader healthcare ecosystem," said Wheel CEO and co-founder Michelle Davey. "GoodRx is well known in the industry for developing best-in-class virtual care tools. By combining our underlying technologies into one comprehensive and flexible platform, Wheel is well positioned to continue to serve as the leading solution for virtual-first care."
"We believe Wheel is the ideal strategic partner for this acquisition," said Doug Hirsch, co-CEO and co-founder of GoodRx. "Wheel has provided technology and clinicians for GoodRx Care for several years, giving us high confidence in their ability to operate and grow the platform. By entering into a long-term strategic arrangement, we look forward to deepening our mutually-beneficial relationship. We are excited to see how Wheel continues to leverage the amazing tools our team developed."
Over the last four years, Wheel has built a strong business by pairing its underlying technology with a leading clinician network — delivering care to millions of patients across the country. This is Wheel's first acquisition, and the company recently announced several new senior leadership hires, including its CTO and SVP of Product.
Wheel is the health tech company powering the next generation of healthcare. Wheel provides companies and clinicians with everything they need to deliver care virtually. Today Wheel powers virtual-first care for the most forward-thinking organizations in healthcare. To learn more about Wheel, visit wheel.com.
GoodRx is America's digital resource for healthcare. Our technology delivers strong savings, trusted information and access to care to make healthcare affordable and convenient for all Americans. Since 2011, we have helped consumers save over $40 billion from pharmacy retail price and are one of the most downloaded medical apps over the past decade.
GoodRx Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the benefits of the acquisition by Wheel, or any arrangements or agreements between GoodRx and Wheel. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, risks relating to our acquisition strategy, the integration of acquired business and the important factors discussed under the caption "Risk Factors" in GoodRx's Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.