Centene to buy VC-backed Apixio

Centene Corporation has agreed to acquire San Mateo, California-based Apixio Inc, a healthcare analytics company.

Centene Corporation has agreed to acquire San Mateo, California-based Apixio Inc, a healthcare analytics company. No financial terms were disclosed. The deal is expected to close by the end of 2020. Apixio’s backers include SSM Partners, First Analysis and Bain Capital Ventures.

PRESS RELEASE

ST. LOUIS, Nov. 9, 2020 /PRNewswire/ — Centene Corporation (NYSE: CNC) today announced it has signed a definitive agreement to acquire Apixio Inc., a healthcare analytics company offering Artificial Intelligence (AI) technology solutions. The transaction is subject to regulatory approvals and is expected to close by the end of 2020.

Apixio provides a technology suite that mines, compiles and analyzes large volumes of disparate, unstructured patient data (such as physician notes and medical charts), and creates and refines algorithms to extract high-quality insights to support payers’ and providers’ administrative activities. Apixio’s AI platform has been trained to handle the complexities and challenges of the healthcare industry and deliver proven results.

“Centene is committed to accelerating innovation, modernization and digitization across the enterprise and solidify its position as a technology company focused on healthcare. Apixio’s capabilities are closely aligned with our plans to digitize the administration of healthcare and to leverage comprehensive data to help improve the lives of our members,” said Michael F. Neidorff, Chairman, President and Chief Executive Officer for Centene. “Apixio’s technology will complement existing data analytics products including Interpreta, creating a differentiated platform to broaden support for value-based healthcare payment and delivery with actionable intelligence.”

“We are very excited about this transaction. With Centene, we will be able to accelerate the use of our AI technology to improve the way that healthcare is measured, administered, and delivered, and to help enable new discoveries,” said Darren Schulte, M.D., Chief Executive Officer for Apixio. “This partnership positions Apixio to extract insights from digital data to help millions of individuals receive higher quality care around the world.”
Apixio will remain an operationally independent entity as part of Centene’s Health Care Enterprises group to continue bringing value to its clients and the industry, while also realizing the benefits of enhanced scale with Centene.

About Centene Corporation
Centene Corporation, a Fortune 50 company, is a leading multi-national healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene offers affordable and high-quality products to nearly 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace, the TRICARE program, and individuals in correctional facilities. The Company also serves several international markets, and contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. Centene focuses on long-term growth and the development of its people, systems and capabilities so that it can better serve its members, providers, local communities, and government partners.
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