NEW YORK – Everlywell said on Wednesday that it has acquired telehealth company PWNHealth and its subsidiary Home Access Health for an undisclosed amount and has formed a parent company called Everly Health.
PWNHealth will be rebranded as Everly Health Solutions and operate as an independent subsidiary of Everly Health, maintaining complete data independence from Everlywell. Everlywell CEO Julia Cheek will be the CEO of Everly Health, while PWNHealth CEO Sanjay Pingle will act in a transitional role to support the merger and will join the board of Everly Health.
Financial and other terms of the deal were not disclosed.
JP Morgan served as financial advisor to Austin, Texas-based Everlywell, and Wilson Sonsini Goodrich & Rosati and Hyman, Phelps & McNamara as legal advisors. Evercore served as financial adviser to PWNHealth, and Choate, Hall and Stewart as well as Jones Day as legal advisors.
PWNHealth investors Spectrum Equity and the Blue Venture Fund will continue to have an ownership position in Everly Health.
The acquisition "will enable the companies to scale their respective services while maintaining a strong commitment to data privacy and clinician independence," Everlywell said in a statement.
PWNHealth operates a national telehealth network for diagnostic testing and has been Everlywell's partner of record for clinical oversight and telehealth since 2016. Home Access Health informs consumers about their health through self-collected lab tests.
Everlywell received Emergency Use Authorization from the US Food and Drug Administration for its COVID-19 Test Home Collection Kit in May and last month got EUA for direct-to-consumer sale of the kit.
Following the acquisitions, Everly Health has nearly 500 employees and a telehealth network that covers all 50 US states.