General Catalyst, a prominent venture capital firm with some big investments in healthcare companies, signed a definitive agreement to acquire Summa Health, for $485 million.
Summa Health is a nonprofit healthcare system, operating throughout the Akron and Canton areas.
General Catalyst has agreed to acquire Summa Health through its healthcare company Health Assurance Transformation LLC (HATCo).
Health Assurance Transformation LLC (HATCo) was founded by General Catalyst to operationalize the promise of Health Assurance, and to demonstrate the economic and human benefits that result from collaboration and responsible innovation.
The HATCo platform is designed to combine the best leadership and capabilities in healthcare and tech to inform, support, and drive transformation enablement while addressing system fragmentation, and improving access to – and quality of – care. In collaboration with health system and technology leaders through partnerships, investments, and acquisitions, HATCo seeks to drive efficiency, affordability, and transparency to transform the healthcare industry to be more proactive, resilient, and equitable for communities and society.
“Our focus is on creating new and expanded opportunities for Summa Health, the communities it serves, and its talented workforce,” said Marc Harrison, co-founder and CEO of HATCo.
“I am proud of the strong collaboration our teams have demonstrated over the past several months, and we look forward to continuing to work together to develop a plan that optimizes operational stability, while positioning Summa Health to drive meaningful transformation in the years ahead,” added Marc Harrison.
For more information, click here to read the official press release…