CVC Capital Partners, a global private equity firm, has acquired, though its CVC Growth Partners II Fund, a majority interest in Icario, a health action company.
“With CVC’s support, Icario is ideally positioned to bring our mission to more people through our shared vision for the business,” said Steve Wigginton, CEO of Icario. “We have been fortunate to benefit from the insight and leadership of our founders and early investors, and we look forward to our next chapter led by a team and a firm with a strong reputation for taking organizations to the next level.”
“Icario’s proprietary technology, data science, and behavioral insights drive highly valuable actions,” said Aaron Dupuis, partner at CVC Growth Partners. “We have followed the Icario story for some time as part of our long-standing efforts in member engagement, and we look forward to working with the Icario team to accelerate initiatives to bring even more member engagement innovation to Icario’s impressive customer base of more than 50 leading healthcare payers.”
“Engaging consumers in their health has never been more important than it is today,” said Fazle Husain, partner and head of U.S. Healthcare at CVC. “We see significant tailwinds for Icario as plans increasingly focus on coordinating member communications to drive member satisfaction, better health outcomes and lower cost of care.”
“We are thrilled to welcome the CVC team as Icario’s capital partner,” said Tom Wicka, co-founder of NovuHealth and chairman of Icario. “We have a shared vision for using technology and data to drive consumer behaviors that empower health plans’ quality, assessment, and health action strategies to drive better health outcomes.”
TripleTree LLC served as the exclusive financial advisor to Icario for this transaction.