It didn’t take very long for Avado to move from startup accelerator graduate to the arms of a big-name acquirer.
Seattle, WA-based Avado, which developed a cloud-based platform that helps clinicians and patients to communicate and manage health information, has been acquired by WebMD (NASDAQ: [[ticker:WBMD]]). Financial terms of the deal weren’t disclosed, but the buyout represents a speedy turnaround for the startup, which was formed just three years ago by entrepreneurs Dave Chase, Bassam Saliba, and John Yii.
Chase and Saliba are both veterans of Microsoft. Chase founded Microsoft’s healthcare business during his 12-year stint at the company. Chase and Saliba will stay on with WebMD as part of the buyout and report to the company’s chief operating officer and chief technology officer, Bill Pence. They’ll also remain in Seattle while working with the New York-based company.
Avado is backed by several of New York City’s startup health IT initiatives. It is a portfolio company of New York-based health tech accelerator organization StartUp Health, and was one of eight startups selected to take part in the inaugural run of the New York Digital Health Accelerator, a program run by the New York eHealth Collaborative and the Partnership Fund for New York City. Avado got $300,000 as part of the program, and graduated in May.
Avado has developed software designed to improve the communication between patients and their healthcare providers. Its likens its platform—both a Web-based and mobile app—to a Mint.com for personal healthcare records, in that it aggregates a patient’s personal health data and has a system of trackers and reminders to help people keep abreast of upcoming bills and appointments. That software will now get room to grow as it’s integrated into WebMD.
“WebMD reaches the largest audience of health-focused consumers and healthcare providers in the U.S., and its exciting to think that Avado’s technology will be built-out and scaled for the benefit of such a significant audience,” Chase said in a statement.
