WebMD Acquires Oregon-Based Health Plan Services Company for $20 Million
Health information and transaction company WebMD last month acquired WellMed, an Oregon-based provider of online recruitment tools and personal medical records for health plan members, for $20 million in cash, the Oregonian reports. Officials at WellMed, which also operates a wellness clinic, did not comment on the relationship that the company will have with WebMD but are "excited about the opportunity," President and CEO Craig Froude said. WebMD officials announced the acquisition last week in the company's third-quarter financial report (Rojas-Burke, Oregonian, 11/9). WebMD posted a profit of $4.5 million for the third quarter after two years of losses (California Healthline, 11/11). WellMed, founded in 1998, has received more than $37 million in investment capital over the past four years. WebMD has acquired about 20 other companies in the past five years (Oregonian, 11/9).
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