SAN FRANCISCO--(BUSINESS WIRE)--Commure, Inc. (“Commure”) a leading provider of technology to healthcare systems, and Athelas, a fast-growing provider of healthcare workflow automation software and revenue cycle tools, today announced they have entered into a definitive agreement and expect the combined merger to close by the end of October.
The combined company will retain the Commure name and will be led by Athelas co-founder and CEO Tanay Tandon. Commure’s current CEO Ashwini Zenooz, MD will transition into a non-executive director role on Commure’s Board and will act as a senior advisor to the company. Hemant Taneja, CEO and Managing Director at General Catalyst and co-founder of Commure, will remain in the role of Executive Chair of Commure.
"I'm deeply grateful to Ash for exceptional leadership in scaling Commure to this point,” said Hemant Taneja, co-founder and Executive Chair of Commure, and CEO and Managing Director at General Catalyst. “We are looking forward to partnering with Tanay to serve health systems with a set of products that drive their transformation towards our health assurance vision: a proactive, affordable, and accessible system for all.”
Commure, a company hatched by General Catalyst in 2017, was created to establish a common healthcare infrastructure and to modernize technologies in healthcare systems around the world. Over the span of the last three years, Commure achieved over 550% growth in Annual Recurring Revenue (“ARR”) while serving over 500 health facilities. Commure is on track to achieve $100 million in contracted ARR in the fiscal year ending January 31, 2024. Commure has built a unified platform that connects a fragmented ecosystem of point solutions, makes data useful for clinicians at the point of care, and optimizes the efficiency and effectiveness of healthcare businesses.
“I am honored to lead Commure and build a category defining company that will spark the development of a healthcare operating system that is both next-generation and scaled,” said Tanay Tandon, Commure’s incoming CEO. “Together with the power of our newly merged suite of software and hardware, augmented by AI, we can make a significant impact on the future of healthcare, and look forward to an exciting journey ahead.”
Athelas’ industry-leading technology and LLM expertise will complement Commure’s AI-enabled workflows platform, helping to drive further operational efficiency for health systems. As a combined company, Commure aims to drive long-term value for hospitals and healthcare systems by building enduring, scalable solutions for customers driven by automation. Commure will continue to pursue strategic, organic and inorganic growth opportunities that are aligned with its long-term vision of powering hyper connected and advanced health systems.
“This is a critical inflection point in the life-cycle of Commure and for the healthcare industry at large – this brings together two thriving companies that can speed up the process of introducing healthcare innovations to healthcare providers and patients in the United States,” said Ashwini Zenooz, MD, departing CEO and Senior Advisor at Commure. “I’m as confident as ever that the Commure brand is extremely well-positioned to capture continued success through this next chapter and beyond.”
Founded in 2016, Athelas was created with the vision of building software and sensor products to improve the workflows of healthcare providers, save critical administrative time, and boost patient outcomes. The company has experienced 450% revenue growth over the last three years. Today, Athelas has a team of experts who are building the next generation of medical products at the intersection of hardware and software, including LLM-powered tools that drive efficiency in health systems by streamlining the revenue cycle and transcription process for medical professionals. Athelas is integrated with all major EHRs, provides artificial intelligence powered revenue cycle, remote monitoring, and patient engagement tools and has 2 FDA-cleared medical devices.
Cooley LLP served as legal advisors to Commure while Belcher, Smolen & Van Loo LLP served as legal advisors to Athelas.
Commure, Inc. is connecting disparate datasets, surfacing meaningful insights, accelerating performance through a suite of intuitive applications, and enabling seamless innovation across the healthcare industry. Commure’s mission is to empower every person in the health ecosystem to deliver exceptional care. Commure’s original applications include solutions to improve staff safety, enhance clinical workflow, and bolster revenue operations. Currently, the company enables more than 160,000 clinicians and staff across more than 500 care facilities to advance care through collaboration. With Athelas in the portfolio, Commure will add thousands of clinicians and over 100,000 patients to its national network. Combined, Commure and Athelas is backed by General Catalyst, Sequoia, Lux, Human Capital, 8VC, Greenoaks Capital and Elad Gil. Learn more at commure.com.