HealthStream has brought NurseGrid, for $25M
Healthstream acquires NurseGrid, a mobile health app for nurses and nurse managers for about $25M in cash.
NurseGrid Mobile is among the top downloaded apps for nurses and has a surprisingly engaged audience of monthly energetic users, of which over 40 percentage use the app every day (i.E. every day energetic customers).
NurseGrid’s operations are primarily based in Portland, Oregon and encompass about 20 personnel.
HealthStream, a Nashville, TN-based provider of personnel and provider answers for the healthcare industry, today introduced that it has obtained NurseGrid, a Portland, Oregon-based healthcare technology enterprise for approximately $25M in cash. Through this acquisition, the HealthStream gains NurseGrid Mobile, the number 1 rated and pinnacle downloaded app for nurses, and its corollary application for nurse managers, NurseGrid Enterprise.
Digital Communication & Collaboration Tools for Nurses & Nurse Leaders
There are approximately 3.1 million registered nurses within the U.S.—and nurses make up the biggest audience throughout the HealthStream atmosphere. Founded in 2013 by using Joe Novello, NurseGrid is committed to ending brief staffing by using assuaging healthcare’s most pernicious trouble thru clever staffing answers.
NurseGrid Mobile is the number one rated app for nurses with a 4.9-star score and over 40,000 reviews within the Apple app store. NurseGrid Mobile is amongst the top downloaded apps for nurses and has a quite engaged audience of monthly energetic users, of which over 40 percent use the app day by day (i.E. every day lively users). NurseGrid Mobile was released in 2015, is unfastened to nurses, and is to be had inside the Apple and Android app stores.
Nurses use NurseGrid Mobile to manipulate and share their schedules, swap shifts, speak with one another, and to coordinate work and non-paintings activities. NurseGrid Mobile customers can invite their colleagues to connect inside the app. The NurseGrid Enterprise app helps healthcare managers more correctly publish paintings schedules to their nursing staff, view and approve shift swaps, and communicate with their groups. NurseGrid Mobile has an audience of over 260,000 nurses as monthly energetic users, which keeps to develop virally.
Given NurseGrid’s top score by means of nurses and its viral user increase, HealthStream made an funding in NurseGrid in February 2019. The continued growth of nurses the usage of NurseGrid Mobile, the improvement and release of NurseGrid Enterprise, and the possibility to similarly have interaction and help such a big and growing target audience of nurses across the HealthStream ecosystem contributed to the Company’s choice to gather NurseGrid. NurseGrid’s operations are primarily based in Portland, Oregon and encompass about 20 personnel.
“With NurseGrid, we see a extraordinary opportunity to similarly cultivate relationships with nurses and deepen engagement with this critical target market throughout our surroundings,” said Robert A. Frist, Jr., Chief Executive Officer, HealthStream. “We price the network of nurses using NurseGrid and believe that, together, HealthStream and NurseGrid can convey more cost to nurses and the healthcare corporations they paintings for. We are excited to welcome NurseGrid and its personnel to HealthStream.”
Updated Operating Income Guidance for 2020
NurseGrid is an early-stage organisation and has spent the ultimate numerous years, and about $12.5 million of capital, growing its packages and developing its network of over 260,000 monthly active customers, and has no longer yet carried out profitability.
As HealthStream starts to ramp up its sales groups to aid the recently released NurseGrid Enterprise, a SaaS-based solution, HealthStream expects revenue contributions of much less than $12.5 million in 2020. The organization is revising its consolidated running earnings steering to mirror the impact from the acquisition and now assume working profits to range between $8.5 million and $11.0 million.
This guidance range consists of approximately $1.zero to $1.five million of intangible amortization expense related to the acquisition as nicely as predicted operating loss in 2020 associated with the operations of this business following the closing.
